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Taxation & Business Specialist | Melbourne, Florida

Are You Really A Sub Contractor ?

ARE YOU REALLY A SUB CONTRACTOR? Hardworking individuals and business owners try to find various ways to avoid the extra cost of employee/employer payroll taxes, (approximately .153 per cent of your gross wages) and other payroll expenses such as employee income tax withholding worker’s compensation and unemployment insurance premiums adding approximately another 8 to 10…
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Tax Day Extended to May 17.

Effective March 17, 2021, the Internal Revenue Service and the Treasury Department automatically extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. With Tax Day now on May…
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The American Rescue Plan Act

On Thursday, March 11, 2021, President Joe Biden signed into law a coronavirus relief package, the third of its kind. The gargantuan $1.9 trillion relief package known as the American Rescue Plan Act of 2021 will aim to boost the US economy. Direct Deposits Individuals earning up to $75,000 and couples earning up to $150,000…
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Minimum Wage Updates / Increases for 2021

An update on Minimum Wage Changes for 2021 The Fair Labor Standard Act (or FLSA) is a federal law, that sets minimum wage, overtime pay, recordkeeping, and young people’s work employment standards, that affect employees in the public and private sectors. FLSA has many exemptions from the minimum wage and overtime pay for construction industry,…
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Cultivating Mutual Respect in the Workplace

The sense of belonging is one of the fundamental human emotional needs. We, as humans, have an inherent desire to feel secure, important, or accepted by a group. That group can be our family or our coworkers. Every company should strive to create an open, supportive, inclusive environment of mutual respect. This is not a…
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Are you paying too much Self-Employment Tax?

Being a Sole Proprietor As a sole proprietor, you must pay self-employment taxes on your net business earnings at a current rate of 15.3%: 12.4% is for social security and 2.9% for Medicare. In 2021 the first $142,800 of your earnings is subject to Social security taxation, and all your net earnings are subject to…
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Major IRS Tax Changes

This is the one period of the year that everyone does not looks forward to! Tax Season is the most bothersome inconvenience and never anyone’s favorite time of the year. This upcoming tax season is a bit more complex, with unique and special twists to the norms. A lot of care must be taken when…
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SBA Loan Types and Tax Ramifications

What SBA Loan Types are available, and what are the Tax Ramifications that go along with these loans? The U.S. government has launched many programs to support local businesses. To add some more clarity, we want to share information on the two SBA COVID-19 loan options. Here’s a chart that shows a comparison between the…
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Taking Salary as a Business Owner

Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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IRS guidelines on taking a salary for a S Corporation

Avoid possible penalties for not taking a salary as an S Corporation, by following IRS guidelines. Many small business owners choose the S Corporation tax classification to enjoy the advantages that it provides. S Corporations have many benefits: pass-through taxation, shareholder liability limited to the amount of the initial investment, a simple and straightforward cash…
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