Hiring Independent Contractors? Make Sure You’re Doing It Right
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead [...]
Can You Turn Business Losses Into Tax Relief?
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? The net operating loss (NOL) deduction levels the playing field between businesses with steady income and those with income that [...]
Critical Challenges Facing Today’s Business Owners
Running a business in California brings many opportunities, but also a unique set of challenges for employers. Employers today must navigate legal compliance, talent management, remote work issues, and rising costs, all while trying to run a successful business. As your trusted advisors, we want to highlight some of the most pressing issues California employers [...]
What Tax Documents Can You Safely Shred? And Which Ones Should You Keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping [...]
Businesses Considering Incorporation Should Beware of the Reasonable Compensation Conundrum
Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to [...]
An Essential Tax Deadline is Coming Up
Mark your calendars and stock up on coffee—Tuesday, April 15, 2025, is just around the corner. Yes, it's that special day when accountants celebrate their "New Year’s Eve," fueled by spreadsheets, calculators, and an unhealthy amount of caffeine. For taxpayers, it's the infamous annual filing deadline, but wait—there's more! It’s also the day the IRS [...]