Home improvement project workers are employees NOT independent contractors?
During 2005, Kurek the sole proprietor of a home improvement company, worked on approximately 20 to 30 residential projects in Brooklyn, New York. Kurek hired workers throughout the year more...
Taking larger deductions on some luxury vehicles
You may already know that you can generally deduct the cost of vehicles used in your business over time as depreciation. Unfortunately if your vehicle is considered a luxury vehicle then your annual depreciation deduction is limited. The luxury auto limits could apply to a passenger vehicle costing as little as $3,160. read more
LLC Owner’s Health Insurance Premiums
The health insurance premiums paid by an LLC for its owners usually have to be added to the owner’s taxable compensation from the LLC and then deducted on that owner’s personal tax return. LLC’s are generally treated as partnerships for tax purposes. When a partnership pays compensation for services to an owner (partner), it is called a guaranteed payment. read more
Deducting real estate losses can be nearly impossible for some taxpayers
John Kutney, an aeronautical engineer and consultant owned several rental properties including two apartment complexes. He claimed losses totaling over $130K in 2005 through 2007. John didn’t keep a record of the time he spent or indicate on his tax forms that he was claiming to be a real estate professional. read more
