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Articles from The Insider’s Report archives go back over several years. Some articles may include date-sensitive information or other information that has changed over time.
Please consult with your advisor or Kallas Company for updated information or if you have any questions.
The WOTC (Work Opportunity Tax Credit) can be used to reduce your taxes.
It is a Federal credit calculated off your payroll and is based on you hiring certain hard to employ target groups.
If you hire a person who belongs to one of the groups, you can obtain the credit
YOU DIDN’T OFFER HEALTH INSURANCE? HERE IS YOUR $100,000 PENALTY
REMINDER UPDATE ON WHAT YOU NEED TO DO
The IRS has not forgotten about Obamacare (ACA).
The IRS is sending letters to restaurants and proposing penalties in the tens of thousands of dollars unless you can prove that you complied with the rules.
Contractor versus employee status is a grey area with plenty of definitions and interpretations. In some industries, it is common practice to employ contractors. Contractors give employers the flexibility to get certain jobs done without hiring a full-time employee.
In prior years the home office deduction was somewhat risky. The IRS seemed to audit that deduction frequently and there were complications due to apportionment of expenses between personal and business and depreciation on your home.
Everything the Bar and Restaurant Owner needs to know!
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