If you own a business, you may qualify for a variety of small business tax breaks that can slash your tax bill and reduce your administrative costs.
Month: May 2021
Cut your Self-Employment Tax by Operating as an S-Corp
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of
What You Need to Know About the Latest Tax Changes for Nonprofits
The past 18 months have been full of challenges for nonprofits. Adding on to the scope are several significant tax changes for nonprofits and updated guidance that has been released. Some changes can be traced back to the Tax Cuts and Jobs Act (TCJA) of 2017 and are just now receiving guidance or enforcement. Here
When Does the IRS Classify Workers as Independent Contractors?
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that you properly classified these workers as independent contractors for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent
Follow these Rules for your Employee Educational Assistance Program
Many businesses provide educational assistance programs so their employees can improve their skills and gain additional knowledge.