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Taylor Bennett

Taylor Bennett

Recent Posts

Worker Classification: Employee vs. Contractor

Posted by Taylor Bennett on Mar 30, 2020 8:01:00 AM

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.

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Topics: Business Ownership

It's Not Too Late to Make an IRA Contribution

Posted by Taylor Bennett on Mar 19, 2020 8:14:00 AM

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions.

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Topics: Personal Finance, Taxes, IRA, Retirement, Tax Deduction

2020 Tax Withholding: the New Form W-4

Posted by Taylor Bennett on Mar 2, 2020 8:02:00 AM

Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker's expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit, and other tax benefits reflected in their withholding for the year.

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Topics: Taxes, Managing Your Tax Liability, Tax Preparation

Starting a Home-Based Business

Posted by Taylor Bennett on Jan 28, 2020 8:24:00 AM

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based business people.

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Topics: Business Ownership, Small Business, Business Expenses

Choosing a Legal Entity for Your Business

Posted by Taylor Bennett on Dec 23, 2019 8:15:00 AM

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Even if you've been in business for a number of years, it's a good idea to periodically reevaluate your business structure because, as we all know, tax laws can change and that business entity you chose when you first started out may not be the best option ten years later. For example, if you operate your business as a sole proprietor, you must pay a self-employment tax rate of 15% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate thanks to tax reform.

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Topics: Business Ownership, Small Business, Financial Success

How the Sharing Economy Affects Your Taxes

Posted by Taylor Bennett on Dec 19, 2019 8:16:00 AM

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications.

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Topics: Taxable Income, Personal Finance, Taxes

Tax Treatment of Virtual Currency Transactions

Posted by Taylor Bennett on Nov 21, 2019 8:03:00 AM

If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return

Reporting Foreign Income

Posted by Taylor Bennett on Oct 28, 2019 8:16:00 AM

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

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Topics: Taxable Income, Personal Finance, Taxes, Foreign Income Taxes

Tax Advantages of S-Corporations

Posted by Taylor Bennett on Oct 24, 2019 8:31:00 AM

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax rate of 15.3% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate.

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Topics: Taxable Income, Business Ownership, Taxes, Small Business

Four Tax Deductions That Disappeared in 2018

Posted by Taylor Bennett on Oct 18, 2019 8:22:00 AM
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Topics: Personal Finance, Taxes, Tax Deduction

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