The “gig economy” is real, and it’s a growing part of the American workforce. With more than 15 million independent contractors, employers and workers alike need to know how to do taxes. And it’s not just contractors that need the help. Some count the numbers of consultants, freelancers, and people with “side gigs” as high as …
What is a 1099? A Comprehensive FAQ About This Important Tax Document Read More »
In business as in life, there are only two certainties: death and taxes. You cannot avoid the former, but there is a lot you can do to avoid expensive mistakes on the latter! If you run a small business, one of the most important things you need to do from a tax standpoint is to classify …
Sales Contractor or Employee? How to Classify Salespeople Read More »
As the old adage goes, there are two certainties in life: death and taxes. Many business owners would add stress about taxes to that list. That’s because many Americans don’t have the information they need to file their taxes properly–or even a clue about where to start. A good tax attorney can save you many …
Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business Read More »
For any small business owner, tax compliance can be a huge source of anxiety. That really cannot be overstated. According to a Forbes survey review, income taxes and tax compliance were the #3 and #5 responses on the list of things that keep small business owners up at night. Both concerns are way above cash flow …
10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019 Read More »
The short answer here is, yes. Even on the best terms, no one wants to deal with the IRS. When your business’s tax burden is more than you can pay, dealing with the IRS can seem to go from headache to nightmare. Understanding the options and what the IRS can and cannot do can be …
We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …
Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …
Even minor changes to the tax code can leave people scrambling to understand what they can and cannot do. Tax law can change how businesses and employees interact with one another. They can change how an individual entrepreneur operates her business. They can affect the way businesses interact with their clients. Among the recent changes …
Reimbursement for Business Meals and Entertainment Read More »
The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …
Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …
Challenges Regarding the New Tax Law for the Self-employed Read More »
Does the IRS target immigrant business owners for audits? The answer should be no, but for foreigners and green card holders there could be more intense scrutiny. While common in states such as Texas and California where many business owners are immigrants, it can also occur in Michigan where an immigrant owns a gas station. …
Does the IRS Target Immigrant Business Owners for Audits? Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, January 18, 2018. It is the season to collect tax documents. Payroll tax problems that may have been too small to catch on a pay period basis may show up as you review your W-2. You place a lot of trust in an employer to withhold …
When a Startup’s Shoddy Accounting Causes W-2 Problems Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, November 16, 2017. Those who have taken the plunge into being their own boss may feel a strong sense of independence. Self-employment means choosing your own tasks, clients, hours and other options that can make work more fulfilling. However, there are also a few challenges posed …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …
When it comes to IRS audits, gas stations owners are often at a disadvantage. Not only is a great deal of their business transacted in cash — making it more difficult to accurately track — but with few employees, owners often don’t have the resources or time to maintain perfect financial records. Even when records …
4 Things The IRS Will Examine Closely During a Gas Station Audit Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. If you are a Michigan small-business owner, specific mistakes could result in a much greater chance of you facing an audit and tax penalties. The problem for self-employed individuals is that besides avoiding such penalties, it can still be necessary to take advantage of every …
On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, May 23, 2016. For some people, the thought of running an all-cash business hearkens back to a simpler time, a time before Apple and Android phones had pay capabilities, credit cards came with chips to protect data, and receipts were hand-written instead of emailed automatically. For …
Don’t Let Your Cash Business Run Afoul of Tax Regulations Read More »
On behalf of Silver Tax Group posted in Tax Audit on Tuesday, March 22, 2016. Last year, did you open a new Rodan + Fields skincare consultancy or Young Living business to earn some extra money? Were you surprised to receive a 1099 for side hobbies? Side hobbies are considered businesses when you receive more than $600 in compensation …
Common 1099 Mistakes to Avoid With Side Businesses Read More »
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