You hired someone. Congratulations — now the Illinois Department of Revenue and the IRS both want their cut. Running payroll in Illinois means managing two separate tax systems at the same time. Miss a deposit deadline on either one and you’re looking at penalties before the quarter is even over. Get the classification wrong and
Your Salon’s Payroll Might Be Costing You a Tax Credit — Here’s How to Fix It
Payroll Compliance — Salons, Spas & Barbershops There is a new federal tax credit worth thousands of dollars per year for salon, spa, and barbershop owners with tipped employees. Most owners have not heard of it. Of the ones who have, most are not claiming it — because their payroll is not built to support
1099 vs. W-2: What Illinois Small Business Owners Need to Know About Worker Classification
You hired someone to do a job. You gave them a 1099 at year-end. Done, right? Not necessarily. The IRS — and the state of Illinois — may see it differently. And if they do, the bill they hand you won’t be small. Worker misclassification is one of the most common and most expensive payroll
What Happens If You Make a Payroll Mistake?
What Happens If You Make a Payroll Mistake? (And How to Fix It) | Payroll Freedom What Happens If You Make a Payroll Mistake? (And How to Fix It) By Payroll Freedom · Mundelein, IL · 7 min read Payroll mistakes happen. How serious they are — and how quickly you can fix them —
American Opportunity Credit
For tax years beginning in 2009 and 2010, the Stimulus Act includes taxpayer-friendly modifications to the Hope Scholarship higher education tax credit (Hope Credit). The Hope Credit is also temporarily renamed the American Opportunity Credit (Opportunity Credit). Under the revamped rules, the Opportunity Credit equals 100% of the first $2,000 of qualified post-secondary education expenses
