Sure taxes are a cost of doing business, BUT if you are smart and savvy, you will not only save on taxes but also be able to grow your business with the profit you keep in your pocket. Pro-active tax planning along with efficient operations and market leadership will ensure a smooth path on the...
A Republican majority in Washington may bring an extension of key provisions of the Tax Cuts and Jobs Act, but further tax cuts may be difficult in light of fiscal concerns such as a burgeoning budget and shrinking revenue. Due to significant financial impact should certain provisions “sunset,” we are urging clients to have a...
Wondering whether or not you should give your in-home/live-in Nanny a 1099 or W-2? The answer depends on whether or not the individual in question is self-employed or a household employee. The simple answer is, if you control how the work is performed, the nanny is a household employee. In most cases a Nanny providing...
Nervous about end-of-year bonuses, overtime, and payroll taxes? Many employers reward and recognize high performers with a bonus, especially toward the end of the year. If you award bonuses, there are several overtime and tax rules to consider. Here’s an overview of some of these rules to help you as you close out the business...
The Head of Household status is considered to be the most advantageous filing status because taxpayers who qualify get a higher standard deduction and wider tax brackets compared to the single filing status. The Head of Household standard deduction will be $22,500 for tax year 2025. This is much higher compared to single taxpayers and...
