If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his or her labor and expenses in an audit. Payments to independent contractors are referred to as non-employee compensation (NEC).
Even as recently as a decade ago, most people listened to their radio shows in the exact same way — on the actual radio. Fast forward to today, and the world of podcasting has absolutely exploded, changing the way we think about broadcasting for generations to come.
One great thing about podcasting is that absolutely anyone can do it — all you really need is a microphone. Because of that, the format is filled with niche content aimed not at the biggest possible audience, but at smaller and far more passionate ones.
Case in point: personal finance. Whether you’re a beginner or just want to stay up to date on all of those latest industry trends, there are a few key personal finance podcasts in particular that you will want to be aware of moving forward.
Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on whether he or she is a business partner or an employee.
As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted on before the end the of the year to be useful for 2019.
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date.
Don’t forget these important December due dates for individual and business filings, reporting, payments, and more.
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.
As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from all sorts of charities with which they are not familiar.
Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples:
As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending their children to college, which is true, but the credits are also available to you and your spouse (if you are married) as well as to your dependents. So even taxpayers attending school part-time may qualify for a tax credit.