Sills and Associates PA
4400 Silas Creek Parkway
Suite #200
Winston-Salem, NC 27104
(336) 768-3290
Independent contractor vs. employee — Is your business classifying workers properly?

The “gig economy” has affected nearly every industry and profession. From a business’s perspective, there are tax and other advantages of classifying workers as independent contractors rather than employees. But it’s important to remember that workers aren’t independent contractors simply because a company says they are. This article examines how a worker’s status is determined and explains the tax advantages of both classifications. A sidebar discusses the need for companies to consider all applicable standards, both federal and state, as part of the classification process.

How tax-affecting can benefit estates with pass-through entities

For those with larger estates, asset valuation should be an important aspect of their estate plans. This is especially true if a closely held business is part of the estate. The valuation of the business for gift and estate tax purposes is critical to determining how much of the estate goes to one’s family and how much goes to the government. This article defines the term “tax-affecting” and describes how a tax-affecting strategy can reduce a pass-through entity’s value.

Selling your home? — Be sure you understand the home sale exemption

Sky-high demand for homes, driven in large part by rock-bottom interest rates, has created a seller’s market. Those thinking about selling their homes will want to determine whether they qualify for the home sale exemption. This article details the exemption’s requirements.

Tax Tips

These brief tips detail recent IRS guidance regarding 100% business meal deductions and explain how a “mega backdoor” Roth IRA works.

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