The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income...
How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax. Under the estate tax rules, insurance on your life will be included in your taxable estate if either: Your estate is the beneficiary of the...
How to qualify as a real estate professional: 1. First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business. 2. Second, more than 50% of the personal services you perform in all...
S corporations the most suitable form of business for the new venture Here is an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for corporate debts....
Substantiating employee expense account and expense reimbursement arrangements. Q- 1. Do you have an expense account or expense reimbursement arrangement with your employer? A- A. You get a better tax result on your own income tax return if your expense account or...
Tax aspect of a parent entering a nursing home. Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 10%...