We’ve written before about the differences between an employee and independent contractor. What happens though if you’ve determined that someone you’d like to hire actually is an independent contractor but he or she refuses to give you Form W-9? To recap Form W-9 is the document independent contractors you hire must complete to provide their tax ID number. There could be a variety of reasons why some people refuse to fill out a W-9 with the...
Do You Need To Prepare a 1099-NEC for a Foreign Contractor
Technology has allowed us to work more efficiently as well as remotely. It’s common for companies and business owners alike to hire workers outside the state or even outside the country. It’s not just manufacturing jobs either. According to legal blog Law Crossing, law firms have hired, and continue to hire, workers in India to perform back office tasks. There are a variety of reasons why companies hire foreign contractors and overseas...
Can You Write Off Employee Recreation Expenses
Employees are the life blood to a successful business so it’s no surprise that companies spend money to make them happy. However, it is important to know what expenses are 100% deductible and those that are not. What Employee Recreation Costs Can You Write Off? It is important to distinguish entertainment expenses, which are not deductible, from employee recreation expenses. Entertainment would include activities such golf outings, fishing...
Tax Planning
Business and Individual Tax Planning Filing taxes is something that almost all of us have to do. However, with proper tax planning you don’t have to pay more than you are legally obligated to. The problem is many people get back a smaller refund than they are entitled, or worse, they end up paying more than necessary. In today’s day and age it is easy to do your own taxes. There are so many over-the-counter tax programs available but just...
S-Corp Advantages and Disadvantages
Many taxpayers are confused about taxes and that’s understandable. With all the different credits, restrictions and changing laws taxes can be difficult to understand particularly as an S-Corp owner. Few know the advantages and disadvantages of using an S-Corp. What is an S-Corp? An S-Corporation is not a legal entity but an entity for tax purposes. A corporation, or an LLC, can elect to be treated as an S-Corp. This election is done by filing...
S-Corp Truck Leasing
Have you wondered whether leasing or buying a truck makes better sense? There are several factors in any lease and additional considerations for an S-Corp. Table of Contents Leasing BasicsCalculating CostsTruck Lease OptionsTax Issues For S-Corp Truck LeasingPros and Cons of Truck LeasingHelpful Lease Resources If you are a shareholder in an S-corp you should be aware of the pros and cons of truck leasing. It is also critical that you ask the...