How to Change 1099 Contractors to W2 Employees
It’s the age-old tale of the 1099 and W2. You may have heard the long and gruesome story told by business owners who have been assessed thousands of dollars in back payroll taxes, interest, and penalties because they classified a worker as a contractor (1099) rather than an employee (W2). Could it happen to you? […]
Getting Paid Via PayPal? The Taxman’s Coming!
In the past, online sellers and companies accepting PayPal or other third-party settlement organizations (TPSO) for goods and services only received IRS Form 1099K when engaging in at least 200 annual transactions worth over $20,000. That will change beginning January 1, 2022, when the American Rescue Plan Act replaces the former ruling with a single […]
To Tax or Not to Tax
Which strategy is better? Paying your $50 doctor’s visit deductible with before-tax or after-tax dollars? If you said “before tax,” check if your employer offers an HSA (Health Savings Account) program. HSA’s are the tax-friendly way to pay your medical bills because dollars are deducted directly from your paycheck before taxes are calculated. Contributions made […]
