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When Is a Partner in a Partnership a 1099 Worker?

When Is a Partner in a Partnership a 1099 Worker?

Jan 20, 2022 | Income Tax

When the individual production activity of a partner is outside his or her capacity as a member of the partnership, the partnership has two choices: Allocate the production income to the partner, and have the partner treat the expenses as unreimbursed partner expenses...
Tax Credits for Schedule C Business Owners with Employees

Tax Credits for Schedule C Business Owners with Employees

Jan 13, 2022 | Income Tax

If you hire an employee for your Schedule C business, you can qualify for several valuable tax credits. Each credit is different, and certain limitations apply to all or most employer tax credits. Remember, like we said above, tax credits are the best. They beat...
Tax Credits for Schedule C Businesses without Employees

Tax Credits for Schedule C Businesses without Employees

Jan 6, 2022 | Income Tax

Obtaining a tax credit is the next best thing to paying no taxes at all. The tax code contains over 30 non-refundable tax credits for businesses. These are part of the general business tax credit and are claimed on IRS Form 3800, General Business Tax Credit, and on...