When using your vehicle for self employed purposes, you may be able to deduct the expenses associated with your vehicle. You can use either the actual and standard methods to deduct vehicle expenses. The standard method requires you to total all your business miles and multiply them by the standard rate of 58 cents per mile (2019’s rate). The standard …

The goal of most business owners is to sell their business upon retiring. There are two ways to sell a business, selling the assets or selling the stock of the business. The way in which you sell your business can make a large impact on your tax liability. A stock sale is the full sale of the business. The purchaser …

Only payments to employees are subject to payroll taxes, therefore there is an incentive for a business to pay someone as an independent contractor (reported on form 1099) versus an employee (reported on form W2). The IRS has regulations to prevent businesses from misclassifying employees. They consider the worker’s control and relationship to the business remitting payment. In short, to …

The IRS requires you to pay income tax as you earn income. When you are an employee that receives a W2, your tax is already paid evenly throughout the year. This is done when your employer withholds federal income tax from your paycheck every pay period, then remits that money to the IRS throughout the year. But what happens when …