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You may be liable for “nanny tax” for all types of domestic workers

by Krista Haas | Oct 31, 2022 | Uncategorized

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also...

Manageable growth should be a strategic planning focus

by Krista Haas | Oct 27, 2022 | Uncategorized

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could...

Plan now to make tax-smart year-end gifts to loved ones

by Krista Haas | Oct 24, 2022 | Uncategorized

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022,...

Providing fringe benefits to employees with no tax strings attached

by Krista Haas | Oct 20, 2022 | Uncategorized

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from...

What local transportation costs can your business deduct?

by Krista Haas | Oct 13, 2022 | Uncategorized

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city...
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