Tax Implications of Hiring Independent Contractors

Tax Implications of Hiring Independent Contractors vs Employees

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As a business owner, making the right hiring decisions can significantly impact your company’s tax obligations.

Should you hire independent contractors or employees?

Each classification has distinct tax responsibilities, financial considerations, and potential savings.

Understanding these tax implications of hiring independent contractors versus employees is crucial for managing your business and avoiding costly IRS penalties.

In this guide, we’ll break down the key differences between hiring employees and contractors, covering everything from payroll taxes to potential tax savings.

By the end, you’ll know how to make informed hiring decisions that align with your business goals and financial strategy. Read more

tax accountant

Tax Accountant vs. DIY Tax Software: What You Should Know

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It’s the night before Tax Day. Across the country, millions of Americans are making last-minute decisions about their tax returns.

Some are confidently clicking “submit” on their DIY tax software, while others are frantically searching for an accountant who can squeeze in one more client.

The choice between self-filing and professional help isn’t just about cost – it’s about time, accuracy, and peace of mind.

But in an era of increasingly sophisticated tax software, is hiring an accountant still worth it?

We can help. Let’s go through what to know about tax accountant vs. DIY tax software. Read more

phoenix tax services

Why Phoenix Tax Services Are Your Secret Weapon for Personal Tax Success

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Are you among the 53% of Americans who are frustrated by how complex the federal tax system is, according to Pew Research?

The rules and regulations can be confusing, and mistakes can lead to penalties.

This is where Phoenix tax services can help.

They’re your secret weapon for personal tax success.

Read on to see how they can make sure that your taxes are done right and that you maximize your tax refund. Read more

past due tax returns

Struggling With Past Due Tax Returns? Here’s Your Action Plan

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We’re rapidly approaching October 15th, which means that anyone who filed for a 2023 tax extension will soon owe payments.

What if you’re not ready to make them? What if you never filed an extension in the first place?

In 2021, the US hit a new record with over $688 billion worth of unpaid taxes, as reported by CBS.

You’re far from the first person to deal with past due tax returns and there’s still time to make an action plan.

At Master Accounting, our enrolled agent is here to support you through the steps to resolve back taxes.

Read on to learn more about what the process can look like and why you need professional help. Read more

business accounting firm

How a Business Accounting Firm Can Help You Navigate Complex Tax Laws

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Are you one of the many businesses struggling to make sense of complex tax regulations? Are you worried about past-due tax returns or staying on top of business tax compliance?

Whether a new business owner or an established company, the complexities of tax laws can lead to costly mistakes.

Failing to comply with ever-changing tax laws not only results in penalties but can also jeopardize the financial health of your business.

Partnering with a business accounting firm provides you with the expertise needed to navigate these challenges.

Imagine having an expert team that understands the intricacies of corporate tax planning and can guide you through the maze of tax regulations.

Master Accounting and Tax Service offers personalized solutions to ensure your business remains compliant while maximizing savings.

Keep reading to learn how an accounting firm like Master Accounting and Tax Service can simplify your tax processes, keep you compliant, and save you money. Read more

offer in compromise with IRS

Offer in Compromise With the IRS: What You Need to Know Before Applying

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It’s estimated that each year Americans fail to pay roughly $688 billion in taxes.

While some of this amount comes from non-filers, the vast majority is from households or businesses that can’t afford their tax debts.

Being in debt to the IRS can feel like a shadow is constantly looming over you.

Plus, the pentalty fees and interest, only digs you deeper into the hole.

However, there are potential solutions for people in this situation.

Specifically, you can seek an offer in compromise with the IRS.

But what exactly is an offer in compromise? And what do you need to know before applying for it? In this guide, we’ll answer these questions so you can decide if this form of IRS tax debt relief is right for you. Read more

offers in compromise

Understanding Offers in Compromise and Important Steps to Consider

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Almost one in four Americans owes the IRS some amount of back taxes.

When hard times coincide with tax season, many people fall into arrears.

While many see these debts as non-negotiable, the IRS can come to the negotiating table the same way any other lender can.

If you’ve fallen into a pit of debt that seems inescapable, you can find a rope to climb out.

Accountants call those ropes offers in compromise.

Want to know more about how to escape those inescapable debts? Keep reading. Read more

enrolled agent vs tax attorney

Enrolled Agent vs Tax Attorney: Understanding Their Roles and Expertise

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Imagine running a business that has a stellar branding strategy and offers premier products.

It also has no trouble keeping its team aligned with its goals.

However, tax problems arise that quickly bring your momentum to a halt.

Many people encounter tax issues but are unsure whether to hire an enrolled agent or a tax attorney.

Both can help, but they have different roles.

Let’s look at a tax professional comparison so you can choose the right enrolled agent vs tax attorney for your needs. Read more

extension on taxes

Filing an Extension on Taxes? Tips for Managing Tax Deadlines Effectively

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It might surprise you to learn that the average tax refund in 2023 was just over $2,800.

This can vary drastically, though, depending on certain circumstances, like your annual income.

It’s not uncommon for people with substantial tax obligations to file for extensions.

However, it’s essential to understand how these work so you can avoid potential complications.

We’ve put together a guide full of tips on how to manage an extension on taxes so you can hit the ground running.

Let’s explore the key information you need to know.

Read more

scottsdale tax accountant

Tax Season Made Easy: Working with a Scottsdale Tax Accountant

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If you’re a business owner who absolutely dreads tax season, then this is the blog for you.

While there are various good reasons for hiring an accountant for your business, there really is no better time than tax time.

Yes, hiring a Scottsdale tax accountant might cost you money.

But you have to ask yourself whether doing your business taxes yourself is worth the time, energy, and potential tax penalties if you get anything wrong.

If you’re on the fence about whether to hire an accountant, here’s why it could be the best idea for your business.

Read more