By: Kerri Tassin A recent online article titled “7 Cities You Didn’t Expect To Be Great For Business” in Forbes magazine listed Springfield, Missouri as a great location in which to start a new business or expand an existing business. The author of the May 15, 2017 article, Brian Rashid, cited Springfield’s low labor and tax costs as reasons to launch a business in our … [Read more...] about Bears Business Brief: Choice of business entity merits careful consideration
By: Kerri Tassin In recent articles, I discussed self-employment tax issues and the sharing economy and focused on independent contractors and their tax responsibilities. But what if you’re an employer trying to determine whether the workers you hire should be treated as independent contractors or employees? What difference does worker classification make? Whether an … [Read more...] about Bears Business Brief: Worker Classification Matters
When individual income taxpayers begin to complete their Forms 1040 for the filing season, one of the first things they must determine is the proper filing status. The Internal Revenue Code generally breaks the filing statuses into two main categories: single or married. Single, qualifying widow(er), and head of household statuses fall within the single category, while … [Read more...] about Bears Business Brief: Choosing the right filing status
By: Kerri Tassin I teach tax accounting classes at Missouri State University, and each semester in class we discuss business related expenses for purposes of possible deductions from federal gross income. When we start to explore certain deductions and transactions, I pause to have a real heart to heart with my students. This is the time I advise them to have a serious chat … [Read more...] about Bears Business Brief: Do I really have to keep all of those tax records?
By: Kerri Tassin Several tax provisions intended to benefit both individual and business taxpayers expired at the end of 2014. On December 18, 2015, President Obama signed into law the “Protecting Americans from Tax Hikes” (PATH) Act of 2015 (Public Law 114-113) that extended, modified, and even made permanent, many of the expired provisions. Our Bears Business Brief … [Read more...] about Bears Business Brief: 2015 “Protecting Americans From Tax Hikes” Act