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Financial tax tips, help, and answers for small business owners, entrepreneurs, and independent contractors. |
New Forms To Correct Employment Returns |
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The IRS has released new forms to correct employment returns. Do you need to make an adjustment?
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Business owners are eligible for a variety of tax credits. Here are a few credits you may qualify for:
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Keeping Good Records, Why it is important. |
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A business owner who keeps accurate records (aka bookkeeping or books) is able to easily monitor the progress of his or her business.
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Compensating an S Corporation Shareholder |
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If you are a corporate officer of an S corporation performing services for the corporation, you must pay yourself a reasonable salary.
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Employee or Independent Contractor |
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When you hire someone to work in your business, that individual will either be an employee or independent contractor for tax purposes. Failure to properly classify the worker can subject you to an IRS audit and possibly interest and penalties for failing to withhold and deposit payroll taxes. Under common-law rules, if you have control over what work is being done and how it will be done, you are generally regarded as an employer and the worker is considered your employee.
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The cost of ordinary advertising of your goods or services; business cards, yellow page ads, and web advertising are tax deductible as a current expense on your business tax return.
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