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Van Elkins and Associates

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Employee or independent contractor stakes rise

Thursday, November 29th, 2012

Employee or independent contractor? Sure, we understand that treating workers as independent contractors is easier in so many ways. If you are struggling with the question of which classification your workers fall under, it is more important than ever to consider the consequences if the government disagrees with your stance. This article in Forbes magazine […]

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Tags: business consulting, deduction, hiring, payroll, small business, tax, tax tips, withholding



Court allows employer tax refunds on layoffs

Tuesday, October 30th, 2012

The Sixth District Court of Appeals, which includes Tennessee, has upheld lower court rulings that severance pay is not subject to FICA tax. Companies that had mass layoffs and offered severance pay packages should consider filing claims to refund those taxes before the statute of limitations runs and limits the opportunity. In March 2008, the […]

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Tags: asset protection, business consulting, court decisions, payroll, tax tips, withholding



Olympic gold not the only definition of success

Tuesday, July 31st, 2012

Why do Olympic athletes compete even though they have little chance of winning a medal? Because for many of them, success is not defined by winning a medal, but by other measures. Maybe it’s winning the competition to become an Olympian, or achieving a personal best, or being a role model and inspiration.  Whatever the […]

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Tags: business consulting, goals, strategic planning



5 tax myths (part 2)

Thursday, June 7th, 2012

Last time, we talked about tax myths regarding investments such as your house, business assets,  and financial instruments. The mantra, “Don’t let the tax tail wag the dog,” applies to many decisions. Tax impact should be a consideration, but not the most important factor in a decision involving your money. Here are a couple more […]

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Tags: business consulting, deduction, refund, tax, tax planning, tax tips



5 tax myths (part 1)

Wednesday, June 6th, 2012

We got a call recently from a client asking if he should finance an equipment purchase to lower his tax bill. First, I commended him for thinking ahead about taxes and for calling us for feedback about his financial decision. Then I asked him if it made good business sense for him to do this […]

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Tags: business consulting, deduction, tax, tax planning



Think like Google

Wednesday, May 30th, 2012

Google, as huge as it is now, was a two-person startup not so many years ago. Google thrived not only because its owners had a killer search engine app, but because they created a corporate culture of creativity, innovation, and employee empowerment. Julie Clow, who joined Google in 2006, writes at CNBC.com about core lessons […]

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Tags: business consulting, small business



Effective audit representation saves money

Thursday, March 15th, 2012

The local IRS office has stepped up its audits on individuals and businesses. More and more people are coming to us for effective audit representation. Several of them had suffered costly outcomes after their initial meetings with auditors, and they came to us for help. We were able to improve upon their original assessment through […]

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Tags: business consulting, small business, tax, tax audit, tax preparation



What's a 1099-K?

Friday, February 3rd, 2012

Have you received a 1099-K this year? This new form reports electronic financial transactions. If your business takes debit or credit card payments, then you will receive a 1099-K if you process more than $20,000 AND more than 200 transactions. Business tax returns contain a new line to report 1099-K amounts. For this tax season […]

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Tags: 1099, business consulting, income, small business, tax preparation, tax return



LLC vs. corporation

Wednesday, February 1st, 2012

We received this question from a budding entrepreneur about setting up as an LLC or a corporation: I am looking to set up a small business. I am debating on whether an LLC or S-Corp would be better. I am looking to decrease taxes and limit my liability. I, as the owner, will work in the […]

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Tags: asset protection, business consulting, entity, small business, startup, tax, TSBDC



Do industry trends indicate recession?

Friday, December 9th, 2011

Industry trends indicate recession, according to Bloomberg economist Richard Yamarone in his  Knoxville Chamber presentation. He showed us several key economic indicators he uses to forecast future economic trends to explain why he is pessimistic about the U.S. economy in 2012. While many economists see positive trends, he sees risks that he believes business owners […]

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Tags: asset protection, business consulting, forecasting, Knoxville Chamber, small business



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