ASK THE EXPERTS Q & A

Question: So...Exactly WHAT am I supposed to be doing with regard to the new tax law? Answer: First of all Happy New Year and welcome to 2018. It is gonna be a good year!!! Regardless of all other factors from this point forward, we will indeed have a new tax code for 2018. I am totally sure you have heard more than you would normally choose to hear about taxes and will undoubtedly continue to hear more. Just in case, here is a summary of the biggest changes…

Q: I’m about to hire my first employee and I have a few questions. Am I required to provide health insurance? Can I provide a health insurance stipend and have that qualify as providing health insurance? What is a reasonable amount to provide as a health insurance stipend?

Q: Is there a minimum someone must make for employee taxes to be paid and taken out (including Social Security and Medicare)? If I have employees, will the business be required to carry workers compensation insurance even if they’re part time?

We operate a fast-growing tutoring business with more than 20 tutors. Although we are still small, we’ve decided to form an LLC. This is an exciting time in our business, and we want to make the best choices regarding structure and entity. Does the NASE offer a step-by-step guide to help small-business owners make these difficult and important decisions?

Q: I've been a licensed professional counselor and marriage and family therapist for 21 years, and I've been in solo private practice since 1999 and have always rented office space. My wife and I are in the beginning stages of looking into arranging for me to work out of our home. Could you please provide us with any ideas or issues we need to be paying attention to in this endeavor?

Q: I'm filing 1099 forms for independent contractors that I worked with this year. Can I complete the forms myself or do I need to pay a service to do it for me? Q: Can I deduct my NASE Membership dues on my taxes?