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Independent Contractor or Employee? Here’s What You Need to Know About Worker Classification

by Tracey Hrica, EA Sep 28, 2022

Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax The general rule is that an individual is an indepe...

Managing Those “little” Expenses

by Tracey Hrica, EA Aug 08, 2021

Small businesses are constantly concerned with cash flow.  One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses. Here are some areas you should keep an eye on throughout the year.  Although it may seem like pennies on the dollar, saving on these expenses can make a difference in how successful your year is. Credit Card Fees  Have you reviewed what you are paying in c...

What Business Meals are Now 100% Deductible per the IRS?

by Tracey Hrica, EA Apr 12, 2021

Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you.  The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...

Why Will Thousands of Marylanders Have to File an Extension This Year?

by Tracey Hrica, EA Mar 05, 2021

The Relief Act of 2021 As we told you in our last blog, Governor Hogan recently signed the bipartisan RELIEF Act of 2021, which will provide more than $1 billion in tax relief and economic stimulus funds to Maryland residents, small businesses, and unemployed workers. We talked about how the Act will help small businesses by allowing them to keep the sales tax they collect during March, April, and May - up to $3000 per month. In additio...

Maryland’s RELIEF Act of 2021: How Does it Help Small Business Now?

by Tracey Hrica, EA Feb 19, 2021

Governor Hogan signed the RELIEF Act into law about a week ago. But, the answers to how it's to be implemented are very slowly rolling in. There is one area of immediate relief for some small business owners - Sales Tax Credits. The RELIEF Act has earmarked $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months—for a total of up to $9,000.  This relief will directly help more than 5...

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