Adjusting Your Tax Withholding Hopefully by now you’ve seen last year’s tax results and can see where this year is heading, it may be a good time to consider adjustments to your income tax withholding. It may still be a good time to consider changing your tax withholding even though you haven't … [Read more...]
Watch Out for Misclassification of Independent Contractors
Case Study: Independent Contractor Misclassification In a recently published article by Parker Tax Publishing, the Tax Court held that a corporation engaged in the business of providing at-home private duty nursing services to children with special needs misclassified as independent contractors the … [Read more...]
If You Forget to Issue 1099s, Do you Lose Deductions?
Did You Forget to Issue 1099s? Imagine this: you didn’t issue Form 1099s to your contract labor/services vendors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? The Answer No. IRS auditors often … [Read more...]
Tax Security Awareness
Tax Security The IRS and its Security Summit partners recently held the annual National Tax Security Awareness Week. One of the key messages this year was even if someone doesn't file a tax return, their online interactions can lead to scammers stealing sensitive information and using it to try and … [Read more...]
Health Savings Accounts (HSA) FAQs
FAQs about Health Savings Accounts (HSA) Health savings accounts can be a potentially advantageous option for high-income earners considering tax-saving strategies. Planning for the future? Get to know more about HSAs below and why they could be a good fit for physicians with high incomes. How … [Read more...]
Home Sale Gain Exclusion Break
Home Sale Gain Exclusion The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not … [Read more...]