Oct 28, 2019 | Income Tax
Household Employees If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes(FICA), pay federal unemployment tax (FUTA), or both. Workers Who Are Household Employees A household employee is an employee hired to perform work...
Oct 23, 2019 | Income Tax
If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 percent (2017 returns are still open for audit, so the percentage could increase). Had you reported this income...
Oct 21, 2019 | Income Tax
Take Advantage of the 199A Deduction for 2019 If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify...
Oct 21, 2019 | Income Tax
The new Individual Coverage HRA (ICHRA) lets you help employees with their health care costs without fear of ACA penalties. Starting January 1, 2020, employers can offer this new ICHRA. The ICHRA allows you to reimburse (free of payroll and income tax) employees’...
Oct 16, 2019 | Income Tax
Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD...
