Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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- Are You Ignoring the Household Employee Payroll Rules?
- If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and paying payroll taxes as well as issuing a W-2 after the close of the year.
- Odds of Being Targeted by the IRS for Audit
- If you, like others, dread the thought of being audited by the IRS, then you should know that the IRS, like any good business, concentrates its efforts where they produce the best results (revenue)! Thus, its audit selection process favors returns that claim the earned income tax credit (EITC), for which a lot of fraud is prevalent, as well as business returns and returns for higher income taxpayers.
- Can You Deduct a Home Office, and Is It Worth It?
- Home office is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s best advantage. Understanding the requirements, options, limitations, advantages and disadvantages will help you determine if you qualify for the deduction and whether it is right for you.
- Does Your Employer Misclassify You as an Independent Contractor Instead of as an Employee?
- It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. If your employer reports your income on a Form 1099 (as opposed to a W-2), you are being treated as an independent contractor, not as an employee. This can have significant ramifications in terms of how much you have to pay in income, Social Security, and Medicare taxes.
- Financial KPIs: What They Are and What You Need to Know
- It's easier than ever for business owners to monitor the health of their organization through financial KPIs.
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