Category

Payroll

How do you Choose? 1099 or W-2?

By | Business, Payroll, Tax Strategy | No Comments

How will you ever choose, 1099 or W2? The IRS created a 20-point checklist that a business owner can use to determine if the new hire is an employee or a contractor.  Just because one says he’s an employee or one says she’s a contractor doesn’t make the determination.  The whole list has to be considered. Please also note that if you want the new…

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5 Tips for Improving the Hiring Process

By | Business, Payroll | No Comments

By guest blogger: Steven Chen      1. Identify hiring problems.  Discover what parts of your organization are having problems and why. You can do this by: Asking your HR and department heads for their opinions. ‘Why are people quitting? Why have they become problematic? Why are they being fired?’ Making sure each department and/or HR carries out exit interviews. Ask people who leave why they are leaving, and…

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How do you Choose? 1099 or W-2?

By | Business, Payroll, Tax Strategy | 2 Comments

The IRS created a 20-point checklist that a business owner can use to determine if the new hire is an employee or a contractor.  Just because one says he’s an employee or one says she’s a contractor doesn’t make the determination.  The whole list has to be considered. Please also note that if you want the new hire to be a contractor, this list can…

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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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Pay Your Kids = Save on Taxes

By | Business, Payroll, Tax Strategy | No Comments

By Sunny McIntosh Having kids can be such an amazing experience.  Kids enrich our lives with all sorts of predictable and unpredictable challenges.  But they can be really expensive!  If you own a business, consider hiring your kids.  Teaching them life lessons related to money starting young will not only be good for them, but also hopefully mean they won’t be living in your basement…

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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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