Heath and accident insurance premiums paid on behalf of the greater than two percent S corporation shareholder-employee are deductible and reportable by the S corporation as wages for income tax withholding purposes on the shareholder-employee’s Form W-2. These benefits are not subject to Social Security or Medicare (FICA) or Unemployment (FUTA) taxes. The additional compensation [...]
The Alternative Minimum Tax (also called the “AMT”) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. You should know the following seven facts about the AMT to prepare yourself for this tax season: Certain tax laws provide to some taxpayers many tax benefits, allowing [...]
With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. Here are five important things that you should know about claiming the home office deduction. Generally, in order [...]
Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation- resulting in an increase of summertime child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the year. Below are five facts the IRS wants [...]
In a recent U.S. Supreme Court’s decision Gross v. FBL Financial Services, Inc.,decided June 18, 2009, the U.S. Supreme Court held that an employee who sues his or her employer for age discrimination must prove that his or her age was the "but for" cause of an adverse employment decision, even if the employee has [...]
As you know, the President Barack Obama signed into law the Patient Protection and Affordable Care Act (the “Act”), which includes a large number of health-related provisions. The Act will take effect over the next four years. One provision of the Act, however, applies to employers immediately. It amends the Fair Labor Standards Act (the “FLSA”) by requiring [...]
If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will affect how much additional cost your business must bear, what documents and information they must provide to you, and what [...]
Most employers must maintain an adequate workers’ compensation insurance coverage that would ensure that the injured employees receive the necessary medical treatment and compensation while they are unable to work.
