Grill & Partners

Workers seeking an official employment status determination can file Form SS-8, particularly if they have been treated as independent contractors but seek employee benefits and wish to eliminate self-employment tax liabilities. The IRS will notify the business and request completion of Form SS-8 to make a classification decision. Please contact Grill & Partners for accounting services and advice. https://grill1.com #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #contractororemployee #independentcontractor

Before filing Form SS-8 with the IRS to determine worker classification, it's advisable to consult with a tax advisor. Establishing an independent contractor relationship with workers so your business complies with tax rules might be safer to avoid potential employment tax audit triggers. Please contact Grill & Partners for accounting services and advice. https://grill1.com #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #contractororemployee

The classification of a worker as an independent contractor or an employee depends largely on their ability to apply independent judgment and business acumen to affect the success or failure of their work. If the worker does not have this opportunity, it is an indication of employee status. Please contact Grill & Partners for accounting services and advice. https://grill1.com. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #contractororemployee

The IRS and courts use the right to control and direct work as a key factor in determining whether a worker is an employee or contractor. This involves considering factors like scheduling, supervision, technicality of work, and freedom to work for others. To learn more please contact Grill & Partners for accounting services and advice at https://grill1.com. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #contractororemployee

Maintain detailed records and ensure that only business costs are claimed as expenses. This practice keeps you in control and can prevent you from getting in trouble with the IRS. If an expense seems unusual in your industry or could be considered personal or extravagant, proceed carefully. To learn more - https://lnkd.in/eEH9XJAT Please contact Grill & Partners for accounting services and advice. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #deductiblebusinessexpenses

A deductible business expense amount must be reasonable in relation to the benefit expected. You want to land a $3,000 deal, so a $65 lunch with the potential client should be OK with the IRS at the 50% deduction. To learn more - https://lnkd.in/eEH9XJAT Please contact Grill & Partners for accounting services and advice. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #deductiblebusinessexpenses

Writing off “necessary” expenses paid or incurred during the tax year means the expense is “helpful or appropriate.” Upgrading lighting to enhance curb appeal may not be necessary, but it is useful for customers to find dealerships and easily view vehicles in the dark. Necessary expenses must be considered “ordinary” (common or customary) - and “necessary” (helpful or appropriate) - to be deductible. To learn more - https://lnkd.in/eEH9XJAT Please contact Grill & Partners for accounting services and advice. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #deductiblebusinessexpenses

You can write off all “ordinary and necessary” expenses paid or incurred during the tax year. The IRS does not list the breakdown of most business deductions in the Internal Revenue Code. For example, the tax law doesn't explicitly state that you can deduct office supplies. This expense is considered “ordinary” as it is “common or customary” for most businesses. To learn more - https://lnkd.in/eEH9XJAT Please contact Grill & Partners for accounting services and advice. #taxstrategy #taxplanning #retirementplanning #wealthbuilding #estateplans #taxlaw #taxdeduction #industriesweserve #accountingservices #privateequity #investmentbanking #deductiblebusinessexpenses

To run a successful service firm, it's crucial to manage cash flow, payrolls, budgeting, forecasting, and regulatory compliance effectively. As a professional service firm, we understand and can address these challenges. Please contact Grill & Partners for accounting services and advice. To run a successful service firm, it's crucial to manage cash flow, payrolls, budgeting, forecasting, and regulatory compliance effectively. As a professional service firm, we understand and can address these challenges. Please contact Grill & Partners for accounting services and advice. https://lnkd.in/enEu3k2P #taxstrategy #taxplanning #retirementplanning #wealthbuilding #taxlaw #accountingservices #servicefirms

Succeeding in retail requires a sound game plan, smart cash-flow management, store expansion, point of sale, profitability, and gross margin. Our 30 years of experience provide faster inventory management, turnover, and financing information. Please contact Grill & Partners for accounting services and advice. https://lnkd.in/ezaqfvyT #taxstrategy #taxplanning #retirementplanning #wealthbuilding #taxstrategy #taxlaw #industriesweserve #accountingservices #retailindustry