Monthly Archives: October 2022
What Businesses Should Know About Backup Withholding And Reporting Non-Employee Compensation
Companies that hire independent contractors aren’t usually responsible for withholding income taxes, Social Security, or Medicare taxes from the pay of those individuals. They are, however, still required to report non-employee compensation of $600 or more to the IRS, using Form 1099-NEC. These forms must usually be submitted by January 31st every year. Where… Read More »
Claiming Business-Related Travel Deductions
As anyone who has to travel for work knows, doing so can be expensive. The cost of hotels, airfare, rental cars, food, and ride share services can all quickly add up. The good news is that taxpayers who travel for business are often able to off-set some of those costs by claiming business travel… Read More »
Victims Of Flooding In Missouri And Kentucky Eligible For Tax Relief
Storm victims in parts of Missouri and Kentucky who have been affected by flooding are now eligible for tax relief and as a result, have until November 15th to file their tax returns and make payments. Read on to learn more about who qualifies for disaster-related tax relief. Designated Disaster Areas The IRS is… Read More »
