Article Highlights: Household Employees Tax Avoidance Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay Or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation … [Read more...] about Are You Ignoring the Household Employee Payroll Rules?
Can You Deduct a Home Office, and Is It Worth It?
Article Highlights: Qualifications Employee Issues Method Options Income Limitations Relocation “Home office” is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s best advantage. Understanding the … [Read more...] about Can You Deduct a Home Office, and Is It Worth It?
Does Your Employer Misclassify You as an Independent Contractor Instead of as an Employee?
Article Highlights Employee Independent Contractor Behavioral Control Financial Control Relationship Request For IRS Determination Self-Employment Tax It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the … [Read more...] about Does Your Employer Misclassify You as an Independent Contractor Instead of as an Employee?
Borrowing Money to Finance an Education?
Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your education or the education of your spouse or children, you may wish to take advantage of the available tax benefits. If you itemize your deductions and have sufficient … [Read more...] about Borrowing Money to Finance an Education?
Thinking of Tossing Old Tax Records? Read This First.
Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Records of Asset Basis Keeping Records for Carryforward Losses Now that your taxes have been completed for 2016, you are probably wondering which old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be … [Read more...] about Thinking of Tossing Old Tax Records? Read This First.