There is an option that makes it simpler for qualifying taxpayers to include a home office tax deduction. The IRS announced a simplified option that many owners of home-based businesses and some home-based workers may want to use to figure their deductions for the...
If you operate your business as a sole proprietorship, a single-member LLC (treated as a sole proprietorship for tax purposes), or a husband-wife partnership, here’s a great family tax planning deal: Hire your under-age-18 children as legitimate employees of the...
Here are some of the ways that GTM reassures our clients that their tax deposits for payroll are secure. Management Controls: GTM is independently and routinely audited and as a result is SOC-1 compliant. GTM pays strict attention to Industry Best Practices....
A net operating loss, or NOL, occurs when a business’s operating expenses and other deductions for the year exceed its revenues. Although the name would seem to indicate that operating in a “loss” situation is negative, there may be tax benefits of...
On March 25, 2014, the U.S. Supreme Court ruled in favor of the IRS in a case against a now-defunct employer, Quality Stores. At issue was the question of whether severance pay for laid off workers was subject to Social Security and Medicare taxes under the Federal...