The consequences of misclassifying an employee as an independent contractor can be costly. The business could be liable for back taxes (including the employee's shares of unpaid payroll and income taxes), penalties and interest. This article details the tax consequences. A sidebar looks at remote worker classification.
A company owner who travels on business accompanied by his or her spouse may be able to deduct all the travel expenses incurred by the spouse — but only in specific, limited circumstances. This article provides an overview of the rules.
Most people feel relieved after filing their tax returns each year. However, even after taxpayers have successfully filed their 2024 return with the IRS, there may still be some issues to remember. This article looks at how taxpayers can track their refunds while they wait, what to know about filing an amended return, and how long to keep records after filing.
Making a family loan isn't the only way to assist a loved one with purchasing a home. This short article looks at other options and their potential tax consequences.