July 2025

You May Owe the "Nanny Tax" Even Without a Nanny Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially ... Read More

June 2025

Choosing the Optimal Accounting Method for Tax Savings The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more a... Read More

May 2025

The High Cost of Worker Misclassification: Tax Implications and Risks The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There m... Read More

April 2025

Tax Season Cleanup: Which Records Can You Toss? If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-... Read More

March 2025

Could You Be Hit with the Trust Fund Recovery Penalty? If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that mus... Read More