On the surface, independent contractors often fulfill the same duties as a regular employee, but sometimes the lines between independent contractors and employees get blurred. And that can get you into hot water with the IRS.
If you operate a sole proprietorship or single-member limited liability company (LLC), tax time can be worrisome, especially if you’re doing your own taxes. But before the cold sweat and anxiety of the tax season gives you a clammy embrace, make sure you know what you need to complete your Schedule C tax return.
Small business owners can save a great amount of money, time and energy with three easy steps.
Watch this webinar to learn 7 things small business owners should know before tax day in order to maximize tax savings. Read more
If your small business hired employees or independent contractors for the first time, then it’s time to familiarize yourself with your wage and payment reporting obligations to the IRS and Social Security Administration.
One of the challenges of owning a small business is how to manage the numerous tax forms required when paying for services. The one tax form that is used most frequently is the 1099-MISC for payments to independent contractors. This form must be submitted for any payments totaling more than $600 to any one contractor for the year.
Do you know how you would qualify for a home office deduction?