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11Aug2014

Know the Rules before You Break Open Your Retirement Piggy Bank

Article Highlights: Early Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement piggy bank may be a tempting source. However, if you are under age 59½ and plan to withdraw money from your Traditional IRA or qualified retirement account, you
  • 11 Aug, 2014
  • Haley Spain
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05Aug2014

Misclassifying Workers Can Be Costly!

Article Highlights:  Independent Contractor Cost Savings Penalties For Misclassification Primary Determining Factors Additional Determining Factors Requesting the IRS to Make the Determination Most business owners and executives tend to be financially conservative and preserve the cash of the business. This conservative approach frequently carries over to hiring activities, with many employers choosing to hire independent
  • 5 Aug, 2014
  • Haley Spain
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04Aug2014

Tax Tips for the Well-Traveled Businessperson

Article Highlights: Acceptable Records Meals Spouse Expenses Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively. Like everything involving taxes, there are rules to follow.  The IRS requires that lodging expenses (and other expenses of $75 or more) be
  • 4 Aug, 2014
  • Haley Spain
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01Aug2014

August Due Dates

August 2014 Individual Due Dates August 11 – Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 11. Your employer is required to withhold FICA
  • 1 Aug, 2014
  • Haley Spain
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