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By month:December 2011

IRS Now Says No Payroll Taxes on Family Employment in a Single-Member LLC

The IRS admits that its regulation that made the single-member LLC a corporation for payroll tax purposes is unfair to small business family employment. To right this wrong, the IRS allows the single-member LLC to use the family employment rules to exempt FICA and Medicare taxes retroactively to January 1, 2009. The regulation granting this change expires on or before October 31, 2014.

New IRS Forgiveness Program for Improper 1099 Payments to W-2 Employees Is Not the Gift It Appears to Be

Is your worker an independent contractor or an employee? You want to get this right at the beginning. But if you improperly classified an employee as an independent contractor, the IRS has a tax penalty relief program for you. Should the IRS plan not have the best relief for you, consider the Section 530 employer protection plan.

Single-Member Limited Liability Company (LLC) as Choice of Entity

In the right circumstances, the single-member limited liability company (LLC) gives you corporate liability protection combined with easy Schedule C (proprietorship) rules for your tax return. In this article, you learn the two tax advantages and two tax disadvantages to the single-member LLC.

Last-Minute Tax Planning for Business Vehicles

Okay, it’s December and you have some last-minute tax planning to take care of. This article helps you identify big last-minute tax deductions for bonus depreciation and Section 179 expensing on business cars, trucks, vans, and motor homes, including those you already own and may or may not use for business.

Last-Minute Year-End Tax Planning for Your Business Tax Deductions

Are you looking for more tax deductions this year? It’s not too late. Learn 12 last-minute tax-planning ideas that you can implement to create or push more deductions into this year so you can pay less in taxes this year.


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