Independent Contractor versus Employee
The good news is your small business has really taken off. The bad news is you need to hire help! The kind of help you hire is an important business decision.
Hold On To Your Home’s Receipts
Any improvement you make to your home that is not a repair increases your basis in the property. Keeping up with the basis in your home is extremely important when calculating your gain when you sell.
Employer Provided Benefits
An employer can provide many different forms of medical coverage benefits to its employees. Some are tax advantageous for the employee, while other plans are required to be included as income.
Withholding Federal and State Tax For Employees
Withholding is the method the government developed to help Americans prepay their tax bills.
Business Automobiles—Lease vs. Buy
If your business needs an automobile, you need to consider the tax consequences of buying or leasing the vehicle.
Employee Stock Purchase Plans (ESPP)
An employee stock purchase plan (ESPP) is a plan that allows a company to compensate a broad group of employees with options to buy the company’s stock at a specified price, usually at a discount. Many large companies use these plans as an employment incentive, giving employees an opportunity to share in the growth potential of the company’s stock. Generally, the employee is not taxed at the time the stock is purchased.
Mortgage Refinance Fees that are Deductible
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
Check 21—Proving Tax Deductions without Canceled Checks
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
Bonus Plans
A year-end bonus sounds like a good idea, but is it in the best interest for your employees and company?
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.