President Obama’s 2011 budget plan calls for the U.S. Department of Labor to hire 100 new enforcement personnel and gain $25 million in new funding to target employers that misclassify workers as independent contractors (ICs). This comes on the heels of a huge IRS audit program starting last month that randomly selects 6,000 employers for audits over IC and other employment tax issues. Here's a three-factor guideline on how to classify employee or Independent Contractor based off the IRS checklist:
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Don’t be in a rush to mail or e-file your 2009 tax return. Your haste can come back to haunt you in the form of penalties, interest and missed tax-saving opportunities. According to the tax pros, here are 10 common mistakes that plague individual filers:
The tax law may protect an “innocent spouse” from joint and several tax liability if numerous requirements are met. For instance, the understatement of tax must be due to errors or omissions by your spouse, and you must establish that you did not know—or had no reason to know—that there was an understatement of tax. However, as a new case shows, there are limits to the relief afforded to so-called innocent spouses.
A new federal law bolsters charitable donations for emergency aid and rebuilding efforts in Haiti. You can deduct donations made this year, as long as they were made before March 1, 2010, on your 2009 return instead of waiting to deduct them on your 2010 return.