Is a worker an independent contractor or an employee? As an employer, getting this wrong could land you with an IRS audit and cost you plenty in many other ways. Here’s what you should know: As the worker: If the worker is a contractor and not considered an employee, he/she must: Pay self-employment taxes (Social Security and Medicare-related taxes). Make estimated federal and state tax payments. Handle his/her own benefits, insurance and bookkeeping.

There are nearly 1,000 different tax forms used by the IRS to report tax obligations. It’s no wonder the IRS faces thousands of tax returns with errors each year. Here are some of the most common: Wrong names and Social Security numbers. Taxpayers regularly make mistakes by entering incorrect information for their spouses and dependents. If you recently married or divorced but haven’t yet changed your name with the Social Security Administration, you’ll need to file under

Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. However, Congress left in place two popular education credits that may offer a more valuable tax break: The AOTC. The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 per student per year for qualified undergraduate tuition, fees and course materials. The deduction phases out at higher income levels, and is eliminated altogether

September 15 – Third quarter installment of 2017 individual and corporation estimated income tax is due. S corporations: Filing deadline for 2016 tax returns for S corporations that requested/received a six-month extension. Partnerships: Filing deadline for 2016 tax returns for partnerships that requested/received an automatic six-month extension. Electing large partnerships: Filing deadline for 2016 tax returns for electing large partnerships that requested/received a six-month extension. October 16 – Filing deadline for 2016 individual or corporation tax

Imagine your college-aged daughter has an accident while away at school and ends up in the emergency room. When you call the hospital, you are denied information about her care because you do not have the proper forms signed. Under the Health Insurance Portability and Accountability Act (HIPAA), you do not have legal access to your child’s health information after they reach age 18, even if your child is still your dependent and their health insurance

Google, Facebook, and Southwest Airlines are among the top five companies on job search site Indeed’s “Best Places to Work 2017” list. You may not have the resources of these large companies, but you can incorporate some of their ideas into your company’s culture. Respect. The best companies cultivate a culture of respect, according to a poll conducted by the Society for Human Resource Management. Employees say they feel valued by their leaders and their coworkers

Health Savings Accounts (HSAs) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware of how HSAs compare to other retirement investment tools. HSAs work best when they are used to pay for qualified medical expenses. Neither your original contributions to an HSA nor your