Reading Time: < 1 minute If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. Or you may be able to take the new, simpler, “safe harbor” deduction.
Reading Time: < 1 minute Unlike regular Medicare taxes, the additional Medicare tax doesn’t include a corresponding employer portion. But employers are obligated to withhold the additional tax to the extent that an employee’s wages exceed $200,000 in a calendar year.
Reading Time: < 1 minute How to manage employee vacation time? Avoid the year-end vacation-time scramble! Is your team scrambling-up to use up vacation time because of restrictions on what can be rolled over to the new year? Or do you allow rollovers and have veteran employees who have been accumulating large vacation balances that could create a significant.
Reading Time: 3 minutes Personal vs Enterprise Goodwill Since the value of personal goodwill is generally not marital property in Maryland, it is important to understand the amount, if any, of personal goodwill included in the value of a professional practice or, in many cases, other types of businesses. I would suggest that there is an element of personal.
Reading Time: < 1 minute The following checklists come from the actual Audit Techniques Guide that the IRS uses to examine construction companies. Once you know what the IRS is digging for, you can shore up weak spots and improve your documentation. Talk with your tax adviser for more information.