As the year draws to a close, now is an excellent time to review your current tax planning strategies to ensure they are still meeting your needs and to develop plans for 2017.
With the implementation of the Affordable Care Act, many changes have impacted businesses and their reporting requirements. One change specifically is the reporting of medical insurance premiums paid by the S Corporation on behalf of a shareholder-employee with a greater than 2-percent ownership.
The State of Arizona has made significant changes for 2016 to individual tax credits. These tax credits can help reduce your Arizona income taxes with a dollar for dollar reduction of your Arizona State income tax, allowing the taxpayer to self-direct their Arizona income taxes. These Arizona credits also qualify as a Federal Itemized Charitable Deduction.
In part two of our series on the employment relationship of household employees versus independent contractors, we focus on the employer’s responsibility and benefits to following the regulations.
Many questions have risen in recent years regarding employees and independent contractors, specifically focusing on household employees. Specific regulations have been set in place and many times, issues regarding household employees are brought to surface at the end of the employee relationship. In our two part series, we answer some questions that apply to all variables of employment that you may find helpful.