Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax return. Don’t be too hard on
We are reminding you that Form 1099-MISC must be issued to individuals, some corporations, and other unincorporated entities to which you paid for services and contract work that meet certain criteria during the calendar year. Likewise, Forms 1099-INT and 1099-DIV must be issued to recipients of interest and dividend income, respectively. To verify your Form
Do you have misclassified workers? Independent contractor and employee — Do you know the difference between the two classifications? As you look over your third-quarter payroll reports, take time to review the status of your workers to help you stay away from misclassification issues down the road. Knowing the difference is crucial Often, figuring