Small Business Tax Strategies

Smart small business owners save thousands of dollars per year on their personal and business taxes by taking advantage of the legal loopholes that the government creates for their unique tax situation. Small Business Tax Strategies cuts through tedious tax code to reveal the bonanza of completely legal opportunities to grow personal wealth and secure an enjoyable retirement.  Learn more about Small Business Tax Strategies and the two free reports you’ll get when you subscribe...

Q. Our company is hiring temporary workers for a big upcoming job. Do we have to treat them as employees? M.T.K., Brooklyn, N.Y.

A. Maybe. Whether or not you can treat workers as independent contractors, rather than employees, depends on your level of control, not temporary or permanent status. Assuming a temp worker earns more than $600 and is classified as an employee, you must withhold employment taxes on the wages just as your company does for other employees.

Tip: If the IRS reclassifies workers as employees, you could get hit with additional taxes, penalties and interest.

Online resource: Download our free white paper, Independent Contractor or Employee? How to Make the Call at www.smallbixtax.net. Click on Resources.