Understanding the Safe Harbor rule and how to avoid penalty

If you are self-employed or working in a job that doesn’t provide a typical W2, you may have irregular income and pay quarterly, estimated tax payments. If you are a W-2 employee, it’s likely your employer withholds taxes from your paychecks. In either scenario, when you complete your income tax returns your actual tax liability is …

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Employee or Contractor? How to determine the correct classification with tax goals in mind

For many business owners, properly classifying workers can make a significant impact in their tax implications or other business expenses such as social security payments. When it comes to determining if a worker is an employee or independent contractor, understanding the key differences could help in reducing tax obligations and minimizing overpayment. Review the scenarios …

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Facts and Figures: Collecting documents and information to prepare for your tax year 2020 return

The year 2020 proved to be a year like no other. From unemployment to stimulus payments, in preparing for your upcoming tax return filing, there may be various documents to include that weren’t needed in the past. Continue reading for a quick reference on common facts and figures to consider. Then, refer to the chart …

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Calculating deductions: Are business meals and entertainment tax deductible?

Nearly three years after the Tax Cuts and Jobs Act (TCJA) deemed many entertainment, amusement and recreation expenses nondeductible, we continue to encounter questions about the deductibility of meals, food and beverages. In 2020, the IRS adopted some clarifying points to determine the deductibility of various items. Here are some basic items to keep in …

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