Small Business

/Small Business

IRS Offers a Deal to Companies Claiming Contractors

Many companies make payments to independent contractors. The IRS, however, prefers to see workers classified as employees. Over the years, such disputes have triggered tax audits and court cases. Now, the IRS has offered amnesty to companies with questionable claims of hiring contractors.

By | October 24th, 2012|Payroll, Small Business, Taxes|Comments Off on IRS Offers a Deal to Companies Claiming Contractors

Looking Your Best May Not Be Tax Deductible

Former Central Ohio television news anchor, Anietra Hamper, lost her deduction for business clothing in tax court (Hamper, TC Summ. Op. 2011-17). The tax court ruled that regardless of her wearing certain attire only on TV, such items were not consistent with the definition of ordinary and necessary use for business the services uses for what is an allowable deduction. Hamper claimed her employer required her to maintain a professional appearance and to keep abreast of breaking news events as good reason for the deduction.

By | March 12th, 2011|Business, Home Based Business, Small Business, Starting a Business, Taxes, Uncategorized|Comments Off on Looking Your Best May Not Be Tax Deductible