It happened again! A few months ago, you had your annual meeting with your CPA, and you heard the same old story. “You had a great year. Your net profit was $88,000! Now it’s time to pay taxes on it.More…
Tax Planning
Tax Implications of Hiring Independent Contractors
Employers have long preferred to treat workers as independent contractors, reaping payroll tax savings and avoiding any fringe benefits and other expenses associated with employees. By the same token, workers — including the owners of many pond and water featureMore…
Changes in Pass-Through Income Tax: How Do They Effect You?
Pass-through business entities, garden pond professionals operating as partnerships, limited liability companies (LLCs), S corporations and sole proprietorships have long been extremely popular. In fact, one form of pass-through business entity, the S corporation, is currently the most used businessMore…
Small-Business Tax Tips: Reasonable Compensation
Since 2010, small-business owners have seen a significant uptick in reasonable compensation challenges, as the IRS has increasingly trained its tax examiners to examine payroll tax issues — among them, reasonable compensation. After all, the payment of a salary inMore…
