Monthly Archives: February 2018

//February

Avoid Paying the Obamacare Penalty

You might have heard that the Republicans’ Tax Cuts and Jobs Act has repealed the individual mandate created by Obamacare. Unfortunately, the mandate is still in effect for the 2017 tax year, so filers who did not buy insurance are still subject to the penalties. This “shared responsibility” payment will be 2.5% of your household [...]

By | 2018-02-08T17:13:54-04:00 February 26th, 2018|Uncategorized|Comments Off on Avoid Paying the Obamacare Penalty

Keeping Proof of Your Tax Deductions

When filing your tax returns, you do not need to submit documentation that supports your business or personal deductions. However, the IRS can request this information on demand, so you definitely want to have documented proof in your files just in case. The documentation you need will depend on whether you are claiming a business [...]

By | 2018-02-08T17:09:58-04:00 February 18th, 2018|Uncategorized|Comments Off on Keeping Proof of Your Tax Deductions

Properly Classifying Your Workers: Employees or Independent Contractors?

Small businesses frequently hire people to work for them. Whether these hires are classified as employees or independent contractors impacts whether an employer must withhold income taxes and pay unemployment, Social Security, and Medicare taxes. Improperly classifying employees as independent contractors is an area of concern for the IRS, so small business owners should carefully [...]

By | 2018-02-08T17:00:05-04:00 February 8th, 2018|Uncategorized|Comments Off on Properly Classifying Your Workers: Employees or Independent Contractors?