Creating Entity to Hold Real Estate Separately
Creating a separate entity, such as a partnership, to hold your real estate provides both insurance and tax advantages. Read more in this Business Tip.
If I Work at Home Occasionally, am I Entitled to a Home Office Deduction?
You have a home office, but can you deduct it on your taxes? Before you do, make sure you pass two tests from the IRS. Find out in this week’s Tax Tip.
New Credits for Hiring Veterans
The Work Opportunity Credit has been modified by new legislation that extends the benefits for hiring unemployed veterans. Read more in this week’s Tax Tip.
Tax Tips for the Self-employed
Are you your own boss? The IRS has six key points on self-employment taxes they want you to know. Read the Article
Are You Required to File 1099s?
If you regularly use independent contractors instead of hiring employees, you may still have to file Form 1099. Read more in this Tax Tip.
Tax Strategist: Independent Contractor vs. Employee Status: A New Focus of the IRS
If you are a small-business owner, whether you hire people as independent contractors or as employees will affect the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Read this Tax Strategist for more.
Section 179 Expensing and Bonus Depreciation Revised Down for 2012
Public Accountant, Wendy McCullough joins “Money Talks” to remind business owners about the reverted limits for Section 179 expensing and bonus depreciation.
S Corporation Owners—Are You Paying Yourself Enough?
In a sneaky attempt to avoid FICA, Social Security and Medicare payroll taxes, some S corporation owners and officers pay themselves artificially low salaries. The IRS is catching on and is paying very close attention to the salaries and corporate distributions S corporations pay out. For more information on how the IRS categorizes officers of S corps, read this C.P.A. Insight.
Attention Small Business Owners: Hiring Family Members Could Possibly Save You Tax Dollars
If you are self-employed, you may be able to hire your spouse or children as employees and take advantage of several tax deductions. The rules the IRS has for employing family members are very reasonable and simple to follow. For more detailed information on what tax benefits come with employing family members, read this C.P.A. Insight
New Qualified Retirement Plan
The Pension Protection Act of 2006 created a hybrid retirement plan called the Defined Benefit 401(k), which combines a defined benefit plan, based on final average pay with a safe-harbor 401(k). This plan becomes available January 1, 2010. For more information on the specifics of this plan, read this C.P.A. Insight