QuickBooks
What’s Your Business Exit Strategy?
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes, penalties and interest. There may be serious nontax consequences as well.
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The High Cost of Worker Misclassification: Tax Implications and Risks
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes, penalties and interest. There may be serious nontax consequences as well.
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Tax Season Cleanup: Which Records Can You Toss?
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements...
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Tax Considerations When Choosing a Business Entity
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership...
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Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent...
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Have You Made an Error on Your 2023 Tax Return? Here’s What to Do Next
Did you recently file your 2023 tax return only to realize there was a mistake? Whether you filed on your own and made a calculation error, forgot to attach a necessary schedule, or just remembered some significant charitable donations from early...
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Retirement Saving Options for Your Small Business
Retirement Saving Options for Your Small Business. There’s still time to see tax savings on your 2023 tax return by establishing and contributing to a 2023 SEP, right up to the extended due date of the return.
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Securing Tax Benefits with the QBI Deduction
QBI stands for “qualified business income,” a significant concept that could lead to tax deductions for certain small business owners or self-employed individuals. Enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, the QBI...
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The Ins and Outs of the Home Office Deduction
If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. The pandemic changed the landscape of work for a lot...
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