If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099 they receive for the value of the items they won. You may not have thought much about it, but the contestants must pay federal and applicable state … [Read more...] about Game Show Winners and Taxes
Indian CPA in Buffalo Grove
Misclassifying Workers Can Be Costly!
Hiring independent contractors instead of employees can save a lot of money in employment taxes and employee benefits. And it can be a mine field of tax problems if workers are misclassified as independent contractors when they should have been treated as employees. The three primary characteristics the IRS uses to determine the relationship between businesses and workers are … [Read more...] about Misclassifying Workers Can Be Costly!