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Is Your Worker a Contractor or an Employee?

Posted on September 6, 2022 by relanetAdmin

As a business owner, you might pay an independent contractor and an employee for similar – or even the same – work, but there are key legal differences between the two. If you hire workers, it’s critical that you correctly determine whether these workers are employees or independent contractors. Here’s some information to help you
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IRAs Are One Tool in the Retirement Toolbox

Posted on August 6, 2022 by relanetAdmin

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual
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A Primer on Business Related Travel Deductions

Posted on August 6, 2022 by relanetAdmin

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is that if you travel for business, you may be able off-set some of those costs by claiming business travel deductions when you file your taxes. Here’s what you need
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Increased Mileage Rate for Remainder of 2022

Posted on July 6, 2022 by relanetAdmin

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for
-> Continue reading Increased Mileage Rate for Remainder of 2022

Kids, Summer Jobs, and Taxes

Posted on July 6, 2022 by relanetAdmin

A lot of young people find themselves going into business each summer. Jobs like babysitting, lawn mowing, and dog walking teach responsibility and the value of hard work. But they also might come with an unexpected tax bill, because – whether they realize it or not – many of these young entrepreneurs are self-employed, and
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It’s Time to Review Your Federal Withholding

Posted on July 6, 2022 by relanetAdmin

It’s that time of year again. Summertime! The time of year when we all enjoy warm weather, vacation, and reviewing our federal tax witholding. Well, maybe we don’t all enjoy reviewing our federal tax witholding, but it’s definitely something that we all should do each year. And summertime is a good time to do it.
-> Continue reading It’s Time to Review Your Federal Withholding

Summertime Tax Planning Tips

Posted on June 6, 2022 by relanetAdmin

Now that Memorial Day has passed, many people are thinking more about summer vacations than taxes. But summer is a great time to review withholding and see if your summer plans will affect next year’s tax return. Here are some common summertime tax situations and tips to help you figure out if they apply to
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Work Opportunity Tax Credit Extended

Posted on June 6, 2022 by relanetAdmin

Everyone knows that it’s tough to find employees right now. It seems like every business has a “Help Wanted” sign in their front window. With the employment market so tight, the federal government has taken steps through the Work Opportunity Tax Credit (WOTC) to encourage businesses to consider employees that have historically been overlooked by
-> Continue reading Work Opportunity Tax Credit Extended

Tax Benefits for Small Businesses

Posted on June 6, 2022 by relanetAdmin

It’s tough owning a small business in the current environment. It can be difficult to get needed supplies, prices keep going up, and it can be stressful trying to grow your business. Luckily there are a few tax breaks that can make running a business a little bit easier. Enhanced business meal deduction If you
-> Continue reading Tax Benefits for Small Businesses

Resolving After-Tax-Day Issues

Posted on May 7, 2022 by relanetAdmin

The April 18th income tax deadline has come and gone, but that doesn’t mean that everyone is finished dealing with their taxes. Many people, for a variety of reasons, might still have some loose ends from this past tax season that need to be tied up. Here are some of the more common ones, and
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Brentwood, TN 37027
cwilliams@wfgroup.com
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