Keep up to date on the latest tax and accounting news and updates to our firm.
Spring is almost here!
With April 15th right around the corner, get answers to common tax questions in this month's newsletter. Also included is a look at how bank reconciliations still play an important part of your financial health and a reminder to every small business owner to classify their workers correctly or pay a heavy price with the tax authorities. Also review the resurgence of classic board games and explore some newer games that are great for family and friends.
Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them.
With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions.
Board games are making a comeback during the pandemic as everyone looks to stay engaged during more stay-at-home time. Here are four of the most popular board games of all time and a corresponding board game similar to the classic game that you and your family may enjoy trying.
Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate.
The bank reconciliation purpose
In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity with what the bank is reporting.
The importance of timely bank reconciliations
There are several reasons for conducting these account reviews on a timely basis:
Tips for reconciling your accounts
Here are some tips for reconciling in the new world of banking.
The way bank reconciliations are done may have changed over the past 20 years, but the vital role they play in maintaining your financial health will never disappear.
Tax challenges can be VERY expensive
As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors.
Classifying your workers as independent contractors generally saves you money. That’s because you avoid paying employment taxes and benefits on their behalf.
If the IRS determines that you misclassified your employees as contractors, you could end up paying all of the employment taxes and benefits that would have been paid over the years. Depending on the size of your work force, the cost to your business could be substantial.
In determining whether the person providing a service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered. There are three primary categories of control and independence that the IRS considers when determining if a worker is a contractor or an employee:
Deciding whether a worker is a contractor or employee can get complicated. And remember that there are significant financial consequences for incorrectly classifying a worker. Please call if you have a question about how to classify one or more of your employees.