Tips Every Self-Employed Individual Should Know About Self-Employment Tax

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Article Highlights: What is Self-Employment Tax? Net Earnings Subject to Self-Employment Tax Comparison: Employee vs. Self-Employment Prepayment and Estimation Exemptions from Self-Employment Tax Issues and Challenges Self-employment…

You Are Not an ATM

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Let’s get one thing straight: your business is not a bottomless pit for personal spending. Too often, SMB owners treat their bank accounts like ATMs—dispensing cash on impulse until there’s nothing left for growth, innovation, or even…

Mastering Cash Flow: Strategies for Navigating Seasonal Slowdowns

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As the vibrant colors of fall give way to the chill of winter, many businesses brace for the inevitable seasonal slowdown. Whether it's the changing weather or the uncertainty of election cycles, these periods can pose significant challenges…

Employee or Freelancer Navigating the Complex Landscape of Worker Classification  

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Article Highlights: The Fundamental Differences The Perils of Misclassification Section 530 Relief The Role of Form SS-8 States Impact on Classification Navigating Misclassification In the evolving landscape of the modern…

Stop Chasing Payments: QuickBooks’ Reminders Can Help You Get Paid Faster

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In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven't fully utilized these features yet, it's time to revisit them…

A Secret to Lower Taxes: Special Deduction for Self-Employed Health Insurance

Article Highlights: Who Qualifies for the Self-Employed Health Insurance Deduction? Self-Employed Individuals Partners in Partnerships S Corporation Shareholders Where is the Deduction Claimed? The Tax Benefit What…

New Employee vs Independent Contractor Rule Effective March 11

Article Highlights: New U.S. Department of Labor Rule Prior Rule Rescinded Effect on ABC Test Used by Some States New Six Factor Test Opportunity for Profit or Loss Depending on Managerial Skill Investments by the Worker…

Navigating the Tax Implications of Remote Work for SMBs: A Comprehensive Guide

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In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such…

Common IRS Audit Triggers for Small Businesses: How to Avoid Them

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As a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors…

Employee or Independent Contractor – A Primer for Employers and Employees

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Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying…