CrackerJack Accounting

I’d like to take a moment to explain what the IRS business mileage rate means to small business owners.  It’s quite simple really…it’s the maximum amount per mile you can deduct from taxes if you’re reimbursing using the mileage method.  If you reimburse employees more than this rate, the overage is taxable to them (known [...]

A question was posted on LinkedIn regarding how to pay the owner of a LLC: http://www.linkedin.com/answers/finance-accounting/accounting/FIN_ACC/149517-15002788.  I posted an answer to this question and thought it might interest some readers here.  This is a common question among business owners, so I’ll expand on the answer.
When a LLC is created, the tax treatment is determined.  Payments [...]

The question I get asked most frequently from new clients is "what are the independent contractor rules?"  All small business owners like to use independent contractors to save money and avoid the dreaded payroll. 
The IRS and state agencies want to ensure that you are not misclassifying employees as independent contractors to get around employment [...]