In between planning holiday get-togethers and entertaining the kids during winter break, we figured you could use a gentle reminder about upcoming estimated taxes and a handful of important tax-related items.
No Deduction For Out-Of-Pocket Business Expenses
Uniforms, continuing education, and work-related travel are just a few expenses employees are no longer able to deduct. Alternatives to simply footing the bill include the creation of an accountable reimbursement plan. > How it works
It's an IRS-friendly move to b
uild a compensation plan into your business right from the start. Depending on your business structure, that plan may designate a standard salary, stock options, or salary with bonus option, for example. > A brief examination
Employee vs. Independent Contractor: Which Is Best For Your Business?
Hiring an employee could be the better choice if the job is essential to your business. However, an independent contractor might be a better fit for a short-term project with a known end date. > You decide
Need help navigating the qualified business income (QBI) deduction? Call our office at 505-984-0646 to schedule an appointment.
Tax & Accounting Solutions LLC | Info@TaxSolutions-NM.com | 505-984-0646 1225 S St Francis Dr Ste C, Santa Fe NM 87505