Commercial Tax Newsletter | July 2023
Discover ways to run your business better, fair market value, employees vs. independent contractors, report social security and income taxes, and C Corp dividends in the July issue of the Commercial Tax Planning newsletter.
The rules that apply to inherited property known as Fair Market Value of Step-up Basis impact heirs and their taxable income.
For IRS purposes there are definite differences between an employee and an independent contractor, understand how they are classified for tax purposes.
To avoid a harsh penalty, it is essential to collect and pay the social security and income wage taxes withheld from employee wages.
For business owners, there are the tax advantages to taking compensation rather than dividends but you need to prove the compensation is reasonable.