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206, 2022

Employment Classification for Tax Reporting – Independent Contractor or Employee

By |June 2nd, 2022|Articles, Tax Filing|

For proper tax withholding, tax reporting, and payroll processing, business owners need to correctly determine whether individuals' providing business services should be classified as employees or independent contractors. Misclassifying workers can lead to a business being liable for employment taxes for that worker and possible tax penalties. Learn characteristics for proper employment classification.

Tax Filing Penalties and Interest and How to Dispute IRS Penalties

April 29th, 2022|Comments Off on Tax Filing Penalties and Interest and How to Dispute IRS Penalties

There are several reasons why the IRS assesses tax filing penalties. Note that the IRS is legally bound, under Internal Revenue Code (IRC) § 6601, to charge interest when a tax filer fails to pay the full amount of tax due to the IRS on time. Additionally, the IRS is entitled to charge interest on assessed penalties. Interest and penalties will continue to accrue until the outstanding tax due, interest, and penalties are paid in full. Learn about tax filing requirements and representation in the event that tax penalties and interest are assessed.

Tax Deductions for the Self-Employed

March 31st, 2022|Comments Off on Tax Deductions for the Self-Employed

Knowing which self-employed business expenses qualify as tax deductions can have a significant impact on a business's tax liability. Possible self-employed tax deductions include health insurance, transportation, education, and home office expenses. Learn about self-employed individual tax deduction considerations and requirements.

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