September 19, 2022
80% Of New IRS Revenue Will Come From Small Businesses Earning Under $200,000
Here are some interesting direct quotes from the article :
Quote #1 : “The IRS will have to target small and medium businesses because they won’t fight back,” Joe Hinchman, executive vice president at National Taxpayers Union Foundation, told The Post.
Quote #2 : In fact, going after the lower and middle class can actually be more lucrative for IRS auditors than trying to get more money from the wealthy. “The rich have their lawyers and fight it — that’s why the poor are easier to go after,” Hinchman adds.
Quote #3 : Even if small business owners get everything right, they may still be faced with a headache since part of the IRS expansion will involve sending out more notices and letters to businesses, Bunn adds. For individual contractors or small businesses, an IRS letter that they owe more money or made an error on their taxes can put them underwater.
Article Source : See Below
Are you a Gig Worker / Contractor / Freelancer / Self Employed person?
If so you are no different than a Small Business.
Did you know the IRS considers a cellphone to be a taxable benefit in the employees name? As a Business Owner you have to account for this and you have to separate the business usage and cost from personal usage and cost; and only claim the business cost when calculating taxes owed.
Featured by Forbes for the tax consequences of a cellphone : https://lnkd.in/gCMwfkWv
Featured By America's #1 Tax Planning Expert For The Last 35 Years For Cellphone Tax Compliancy (Employer, Contractor/Freelancer/Gig Workers, and Employee) : https://lnkd.in/gfCpGBsd
US Tax courts denying deducting the personal
usage of your Smartphone and Home Internet costs : https://lnkd.in/gvAJ9YeN
IRS To Hire 87,000 Auditors Targeting Self Employed & Small Business Owners : https://lnkd.in/gn8Qz6ZR
The Likelihood Of IRS Audit To Double For The Average American : https://lnkd.in/gTwW3pta
Free 30 Day Trial (Promo Code : Website005) : https://www.mobilityview.com/contact/direct-trial
Creating Win/Win Scenarios For Employees & Employers :
Our Mobile Cost Management (MCM) Solution :
- 70% More cost effective than a Stipend for Smartphone Reimbursement
- 75% More cost effective than a Company provided phone
- Keeps companies labour law and tax law compliant
- Protects companies against class action lawsuits by their employees for failure to reimburse or adequately reimburse
- Keeps employees reimbursed & happy in a tax efficient lower cost way than a stipend or company provided phone
- Aligns your smartphone reimbursement policy to your mileage reimbursement policy. Tax authorities globally have required a mileage book for years and now require a "mileage book for connectivity costs" denoting the business vs. personal usage & cost
30 Second Explainer Videos On How We Lower Costs For Employees/Gig Workers & Employers :
Employee WFH / BYOD Reimbursement : https://lnkd.in/dvdupVwz
Employer WFH / BYOD Cost Savings : https://lnkd.in/dZ3wU9bW
Employee & Employer Cost Sharing For Win/Win : https://lnkd.in/grWgF8Tp
Carrying 2 Phones? Save $1,500 Annually On Cell Bills : https://lnkd.in/gCZXXXSM
Tax Deduction Changes For US Gig Workers : https://lnkd.in/gj-2jmqy
Tax Deduction Changes For Canadian Gig Workers : https://lnkd.in/gHFXa5nC
Tax Deduction Changes For Australian Gig Workers : https://lnkd.in/geT95ZTM
Gig Worker & Employee Tax Deduction/Reimbursement For Previous Years : https://lnkd.in/dG5MPP3X
Canadian Employee Tax Deduction Up To $1,000 : https://lnkd.in/gUhm-chC
Non-Canadian Employee & Gig Worker tax deduction : https://lnkd.in/gD5eEke
Smartphone global tax trends : https://lnkd.in/dbvArumk
Article Source : https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/