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12 Jul '17
The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or […]
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Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement. Here are 10 tips taxpayers should know about deducting casualty losses: 1. Casualty loss. A taxpayer may be able to deduct a loss based on the damage done to their property during a disaster. A casualty […]
