Written by Introduction Although many of us are enamored with the idea of becoming professional athletes, many of us do not have the skills, talent, or will power, those who do tend to acquire great financial wealth during their careers. However, many people do not realize that professional athletes rarely maintain their wealth, and frequently face major [...]
READ MORE »
Employee vs. Contractor… How to tell.
Written by 
Most people think they understand the differences between independent contractors and employees. Yet with most of the focus on how you determine which is which . As a whole you spend little time talking about why it matters. Employers pay different taxes (Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee. However, these same taxes are generally not paid by the employer on the compensation of a worker classified as an independent contractor. If an employer intentionally or mistakenly classifies an employee as an independent contractor, the employer is then at risk for being heavily fined and paying back-taxes.
READ MORE »Know More About Tax Efficient Life Insurance
Written by So, you have started up a new company and you have less than five employees. In a situation like this, you have two ways to arrange a life insurance policy – a) General and b) Tax efficient life insurance. In case of the normal policies, you need to make a contract with your employees and you will [...]
READ MORE »Form W-2
Form W-2 is the form that an employer must send to an employee (and the IRS) at the end of the year showing their income earned during the year. Knowing how to read a Form W-2 can help you understand and get a head-start when preparing your income taxes.
READ MORE »An EA in the Making
It isn’t all about representation. It is about being recognized as a Tax Professional. With the (what I call) pending crash of the RTRP this is the most logical step for me to best assist my clients, and the clients of the firms I am contracted with for tax preparation.
READ MORE »Security and your Small Business
Written by We’ve all heard the horror stories of large companies that have fallen victim to hackers breaking into their vast reserves of data and stealing information. But what many small businesses don’t realize is that hackers are realizing the ease with which they can do the same thing to small and medium sized businesses. What is even more disconcerting is the fact that many of these businesses never realize they have been compromised.
READ MORE »Best Apps For Helping Your Finances
Written by It can be difficult to keep up with new technology; sometimes it feels like the world can change if you stop paying attention for a few minutes. Things that we accept as normality were utterly unthinkable just a few generations ago. Our grandparents would have to spend weeks to get from one country to another, and now we can whiz along in an Airbus A380 30,000 feet above the earth, sipping cocktails and watching movies. Until the 1970’s, we had to actually go into a bank and request money, completely dependent on their opening hours. Now we just slide a piece of plastic into an ATM, press a few buttons and money comes out, leading many of us to believe that money was very easy to come by! Who knows what will happen in the world of banking – some new inventive technologies may in fact become industry standard. Let’s have a look at some of the best banking and personal finance apps that are out there.
READ MORE »The benefits of using online accounting program
Written by Accounting in almost any company is really important. On the other hand, it requires information and thorough analysis including the tiniest glitches cause they may lead to a large problem. Entrepreneur’s that are not accountants end up hiring a CPA’s or certified public accountant’s who is asking for their professional rate in exchange with the [...]
READ MORE »A Guide to Advanced Tax Terminology
Taxes are something that every American must face for the majority of his or her life. With the start of a first job, income taxes become one of the great inevitabilities of living in our modern society. Many people learn tax basics but there are numerous complex tax questions that everyday people will never encounter. [...]
READ MORE »5 Easy Tips to Lower Your Tax Burden
As and when the deadline for filing your taxes comes, you become more and more anxious about the income that you owe to IRS (Internal Revenue Service). Whether you own a business, do a nine to five corporate job or you are self employed, paying tax is a crucial task that you must perform. But [...]
READ MORE »
