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Statutory Employees – My Rant!

By Business, IRS, Payroll No Comments

Uncle Sam Grinch can be green with greed often.  The “statutory employee” is certainly one of those areas. What is a statutory employee?  IRS defines them as independent contractors that may be treated as employees for employment tax purposes.  Oh blessed charitable spirit of the IRS!  The taxpayer may be treated as employees for the 15.3 payroll tax.  It should read have to be treated…

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Paying Yourself – Confused How It Affects Taxes?

By Business, IRS, Payroll, Tax Strategy, Taxes No Comments

If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…

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Will ObamaCare Affect You on Your Tax Return?

By IRS, Taxes No Comments

By Sunny McIntosh (newest Incite Tax employee) This tax season will be unlike any you’ve experience so far.  Yeah for Obamacare!  (We all agree the insurance system is broken and needs fixed.  We feel there could have been better ways to improve it that make the burden more equitably split amongst all people wanting health insurance.) The 8 million taxpayers who bought insurance through Obamacare…

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