- Are You an Employee or an Independent Contractor?
- The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees' payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers.
- Can You Write Off a Bad Debt?
- Most small businesses have receivables that cannot be collected. These receivables can be from the sale of products, providing services to customers, or a combination of the two.
- Tips for Deducting Employee Business Expenses
- Some employees may incur certain work-related expenses. If their employers reimburse them for the expenses, then the employees are not out-of–pocket for the expenses and cannot deduct them on their tax returns. If the employers do not reimburse for the expenses, the employees may deduct the expenses as a miscellaneous itemized deduction on their tax returns.
- Stock Transactions Reporting Can Be A Nightmare
- Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired after 2010 and subsequent years and to include that information on the information-reporting document 1099-B.
- Streamlined Installment Agreements Raised to $50,000
- The IRS as part of its “Fresh Start” initiative to help struggling taxpayers is making installment agreements available to more people. The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes.
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