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“Just skip the payroll taxes and expenses, pay your worker’s straight pay and send them a 1099!” I’ve even heard other accountants say those exact words to employers, so when I’m advising a small business owner and they recite this money-saving strategy, I have to blow the whistle and at least throw out a caution flag (is that soccer, or NASCAR?). That’s what accountants do; we can’t help it. But seriously – did you know that there are rules and guidelines that the IRS uses

Do you ever get the feeling that common sense just isn’t very common after all? If you think the tax code is logical and reasonable, you may find yourself claiming expenses for your business that just aren’t deductible. Here, for your information, frustration, and amazement, is a list of the most common attempted deductions that the IRS disallows on a frequent basis. It is possible that some of these expenses could properly be shown on your financial statements and reports

It’s that time of the year, when all the good businesses and bosses are wishing their employees a happy holiday season and, hopefully, topping off the next paycheck with a little cheer in the form of a bonus. Payers and payees alike often have questions about the taxation of occasional bonuses – whether they are holiday gifts or performance-related, or just rewards for hard work in a busy season. Here are a few facts about how payroll taxes are calculated and paid on bonus p

Co-written by Kevin Clark When the year is coming to an end and it's the holiday season, the lights are going up, the shopping and traffic are humming, and small business owners are working hard. For many this is the busiest time of year and can easily become overwhelming instead of joyful. I’ve known and worked with small business owners throughout my professional career, and I’ve witnessed the drive and grit that it takes to finish out the year. You deserve to have time wit

Would you like the short answer first? YES! Here’s the “BUT”: Your benefits could be reduced if your total income for the year exceeds a certain amount, and your income may increase to the point that more of your benefits are taxable. It also makes a difference whether you’re receiving benefits before the full retirement age (67). Here are some details and examples of when your earnings may cause your benefits to be reduced: 1. For 2023, you can earn up to $21,240 i

Part 3 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the 3rd of 3 articles we have posted to help busines

Co-written by Kevin Clark, CPA Social media platforms are a big part of nearly everyone’s everyday life. Some check it religiously throughout the day, some scroll mindlessly, and some use it sparingly. Here are five things to consider before you decide to create a company account for every social media platform available: 1. Do you or a team member have the time to actively manage social media accounts? A successful social media presence takes a lot of time, planning, and

Part 2 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the second of 3 articles we will be posting (see Can I

Plants can add to the aesthetic of your workspace or business. It can be hard to know which plants to choose for your space and there’s a plethora of information out there with internet gurus arguing over it on every forum. I believe the most important factor when deciding on a plant is what kind of lighting you have. Low Light . When you want low maintenance and have low light, I think your best option is a ZZ plant or Snake plant. Both can handle lower or brighter light sit

Part 1 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the first of 3 articles we will be posting to help b