January 2025

Did you know it’s possible to make your vacation time tax deductible? But before you drag down the suitcases from the attic and pack the family SUV, you should know the legalities of doing this to comply with the IRS.

One of the responsibilities that business owners have is to ensure compliance with tax laws. Thankfully, your CPA helps with this complex task, but there are some aspects of being a business owner that must be decided as an owner. One of those is compensation.

Understanding the differences between an independent contractor and an employee is essential for both businesses and its workers. This classification affects not only the nature of the working relationship but also legal rights, tax obligations and benefits entitlement.