You may be able to save considerable amount of cash in the form of tax savings by hiring your kids Your children may learn valuable business skills that they will keep for their lifetime The federal government, via tax preferential treatment encourages
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Is the person or people working for you a subcontractor or employee? The IRS uses a 20-point criteria test to determine a worker’s status Each state has its own test that generally follows the IRS test, albeit often varies greatly due to
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If your small business is or perhaps more importantly will be netting you over $50,000 this tax year and you’re operating your LLC as a disregarded entity, you may be paying too much in taxes. One potential strategy on reducing your tax
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Failure to file can result in up to $500 a day in penalties Many businesses are exempt from filing, however, you want to make sure you property determine if you are or are not exempt. The stated purpose is to uncover criminal
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I’m a pro-am photographer, I enjoy the art, especially in the world of sports photography as I find it challenging, rewarding, and even sometimes frustrating, as my skills improve over the years. One major concern photographers of all sorts have is what
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Quick important note: Unless you have been living under a rock in the last year, you most likely heard (and still hearing) ads promoting businesses to take the Employee Retention Credit (ERC). Many of the ads are from unscrupulous advisors without credentials,
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For taxpayers engaged in real estate activities, the coveted “Real Estate Professional” (REP) status can offer significant tax advantages. The Internal Revenue Service (IRS) delineates specific criteria for individuals to qualify as a real estate professional, primarily impacting the manner in which
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Some relief from the California storms Due to the intense storms hitting California in late 2022 and early 2023, the IRS announced in February this year a significant extension of the deadlines for filing and payment of various taxes until October 16,
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Someone recently had a question regarding going back to college to finish up their degree that they started more than a few years ago. When they attended school before, the current tax credits weren’t available, which is important to this story. Currently,
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The IRS has recently updated its policy regarding the practice of surprise visits by its revenue officers to the homes or businesses of taxpayers. The new policy, which is part of a wider IRS restructuring, is intended to enhance safety and reduce
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