Self-Employment

Benefits of Hiring Your Kids

If your business operates as a sole proprietorship, single-member LLC or husband-and-wife-owned LLC partnership, you can take advantage of some big tax savings by hiring your kids! There are some tax savings available to C and S Corporation owners, but not nearly as much as the other business entities. Normally, when a business sets up [...]

Trump’s Proposed Tax Plan

A few weeks ago, the Trump administration released its tax reform plan. The one page document left lawmakers and taxpayers with more questions than answers. Here's what we know so far: Individual Tax Brackets President Trump proposes cutting the current 7 bracket system down to 3 tax brackets for individuals: 10%, 25%, and 30%. The [...]

PA Tax Amnesty Letters Confuse PA Business Owners

The majority of our Pennsylvania-based business clients have received a letter from the Pennsylvania Department of Revenue discussing outstanding tax liabilities and the new 2017 Pennsylvania Tax Amnesty Program. We sent out a message about the tax amnesty program last week. Here is a sample of the letter: Our understanding is that this letter, or [...]

1099-MISC Income

If you are an independent contractor or self-employed you should receive a 1099-MISC from every client who pays you $600 or more during the year. You'll receive the forms by the end of January. Even if you earned less than $600, you still should report any gross income earned on your income tax return. The income [...]

Business Owner Year-end Checklist

Even though tax preparation season doesn't start until January or February, tax planning season is well under way.  If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]

December 14, 2016|Businesses, Tax Advice|