INSIGHTS — SLATE ACCOUNTING + TECHNOLOGY

Employee vs. Contractor: What Employers Need to Know

Learn how to differentiate between employees vs. independent contractors, including DOL and IRS tests.

Advisory Services, Business TaxesJustin ThomsenNovember 11, 2022independent contractor vs employee, employee vs independent contractor, independent contractor test

How to Create an Expense Reimbursement Plan for Your Business

Traveling, taking clients out for coffee or lunches, and buying office supplies—these are all costs that employees might charge to their personal credit cards as part of their jobs.

It’s common practice for the business to pay employees back for job-related expenses. Handling expense reimbursements correctly ensures you do it in the most tax-advantaged way while keeping your employees happy.

Business Taxes, Advisory ServicesJustin ThomsenSeptember 27, 2022expense reimbursements, business-related expenses, business expenses, employee expense reimbursements, reimbursable expenses, accountable plan, nonaccountable plan, expense reporting

What Are the Benefits (and Drawbacks) of S Corporation Medical Insurance?

S corporations can provide health insurance as tax-free employee fringe benefits to non-owner employees. However, if the company provides medical care coverage for shareholders, the premiums are considered taxable income to the shareholder.

Advisory Services, Business TaxesJustin ThomsenAugust 4, 2022S corporation, health insurance, employee benefits

Buying or Leasing a Car for Business: What Are the Tax Benefits?

Whether you buy or lease a car for business, it’s a considerable investment. So you want to ensure you’re getting the full tax benefits in the form of deductions and write-offs that will save you money.

Business Taxes, Advisory ServicesJustin ThomsenJune 7, 2022car for business, business vehicle, tax deductions, vehicle expenses, standard mileage rate, vehicle deductions, Section 179, bonus depreciation

Is it Meals or Marketing Expense?

It used to be common practice to lump together things like taking a client to a baseball game and treating them to dinner as “meals and entertainment” expense.

Business TaxesJustin ThomsenNovember 14, 2021meals deduction, meals and entertainment expense, deductible marketing expenses, 100% meals deduction

Form 1099 Best Practices for Year-End

For many companies, January is a mad dash of closing the prior year-end, making fourth quarter estimated tax payments, and sending out W-2s and 1099 forms.

Business TaxesJustin ThomsenNovember 14, 2021tax advise, information returns, 1099s

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