Employee vs Contractor – which is the right classification?

Employee vs Contractor – which is the right classification?

Employee vs Contractor – which is the right classification? As a business owner, you may be managing a few special projects that may require hiring an expert. Many situations, employers classify contractors as employees and vice versa without understanding the primary criteria that the Internal revenue service uses to distinguish employees vs independent contractors. So,Read more about Employee vs Contractor – which is the right classification?[…]

IRAs-Individual Vs Roth IRA and how they can help you save taxes?

IRAs-Individual Vs Roth IRA and how they can help you save taxes?

Individual Retirement  Arrangements (IRA) An IRA account is a tax-favored personal savings arrangement for your retirement. There are two popular types of IRAs, traditional and Roth IRA. An IRA can be set up with the bank or any financial institution. Traditional IRAs The contribution limits to IRAs for those under the age of 50  inRead more about IRAs-Individual Vs Roth IRA and how they can help you save taxes?[…]

Part 2 : What is a 401k Plan and how you can save taxes by contributing to a 401K Plan?

Part 2 : What is a 401k Plan and how you can save taxes by contributing to a 401K Plan?

Part 2 : What is a 401k Plan and how you can save taxes by contributing to a 401K Plan?   Roth 401 k Contributions : Many employers offer Roth 401 (k) contributions that you can contribute. With the Roth 401 (k) contributions, all funds grow tax-free. Also, you get to take all withdrawals tax-freeRead more about Part 2 : What is a 401k Plan and how you can save taxes by contributing to a 401K Plan?[…]

What is a 401k plan and how you can save taxes by contributing to a 401k plan?

What is a 401k plan and how you can save taxes by contributing to a 401k plan?

Part I –What is a 401 (k) plan and how you can save taxes by contributing to a 401 (k) plan? If your employer offers 401 (k) plan but if you have never contributed to a 401 (k) plan, think again. This article outlines few basic key points that may be helpful & will provideRead more about What is a 401k plan and how you can save taxes by contributing to a 401k plan?[…]

Here’s what is changing in 2018 relating to business depreciation (equipment and machinery)

Here’s what is changing in 2018 relating to business depreciation (equipment and machinery)

With the 2018 tax law changes, the businesses can immediately deduct depreciation cost of machinery & equipment. The new tax law increases the maximum deduction from $500,000 to $1 Million. The Section 179 depreciation deduction is reduced dollar for a dollar once the amount exceeds $2.5 Million. Contact us via our web form if you haveRead more about Here’s what is changing in 2018 relating to business depreciation (equipment and machinery)[…]

What is a 83 (b) tax election and why it is important for startup founders?

What is a 83 (b) tax election and why it is important for startup founders?

What is an 83 (b) tax election and why it is important for startup founders?   This article is relevant for startups who have issued restricted stock to the startup founders. Section 83 b defined in simple terms Section 83 b applies if the founders received restricted stock. In most cases and best practices, foundersRead more about What is a 83 (b) tax election and why it is important for startup founders?[…]

How to check your tax information online ?

How to check your tax information online ?

As a taxpayer, you may need to access your tax history and key information relating to the most recently filed taxes. Our below article outlines important information regarding accessing your online tax history from the IRS website. You can access online through IRS online access. The online access will provide you following important tax information onRead more about How to check your tax information online ?[…]

How meals and entertainment expenses will be taxed in 2018?

How meals and entertainment expenses will be taxed in 2018?

The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes. We have received many questions about how meals and entertainment expenses will be taxed and impact on your businesses. In general, mostRead more about How meals and entertainment expenses will be taxed in 2018?[…]