Smart business owners don’t wait until year-end to lower their tax bill. Here are 3 mid-year tax strategies to keep more of what you earn—and avoid last-minute surprises.
Suspended losses in an #S-corporation arise when a shareholder’s losses exceed their basis in the corporation. These are the losses you couldn’t deduct in previous years because they exceeded your basis and the loses were carried forward. Now that you’re winding the operations down, it’s important to know how to handle them.
The failure of the Tax Relief for American Workers and Families Act to pass in the Senate adds to the uncertainty surrounding the tax treatment of R&D expenses.
Understanding tax implications to avoid potential penalties and ensure compliance with tax laws is necessary for onboarding employees. State tax withholding is required in the state the employee resides. You, as the employer, will also be required to establish and pay state unemployment tax in that state.
One test the IRS looks at in determining if a business has a profit motive or is a hobby, is if it is run like a business. Does the activity have a separate banking account. Separating personal and business finances is a basic financial management practice.
Employment classifications, the distinction between employees and independent contractors, is not governed by the application of rules. The implications of how a worker is classified
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