Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to […]
Category: Payroll
An S Corporation Could Cut Your Self-Employment Tax
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be […]
Help Ensure The IRS Doesn’t Reclassify Independent Contractors As Employees
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS […]
Liabilities For Unused Time Off Mount As Pandemic Lingers
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals […]
Know The Ins And Outs Of “Reasonable Compensation” For A Corporate Business Owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct […]