Washington, DC (PRWEB) August 01, 2015
If a small business hires independent contractors and the IRS determines they're actually employees, this can mean thousands of dollars in federal taxes and penalties for the hapless employer.
However, there is a way out for small businesses that make this common mistake: The IRS Voluntary Classification Settlement Program (VCSP) can save taxpayers a lot of money.
The Bradford Tax Institute (http://bradfordtaxinstitute.com/PR) in Washington, DC has just released a new article on this topic. "How to Avoid Thousands in Federal Taxes and Penalties If You Misclassified Employees as Independent Contractors" explains:
- The details of the IRS’s merciful deal. Under the VCSP, employers reclassify their independent contractors as employees for future tax periods. Then Uncle Sam will forgive a big chunk of the past-due federal employment taxes.
- How to qualify for the VCSP, including the three required steps to keeping the IRS happy.
- Five ways the VCSP can prevent stiff penalties and enable small business owners to reap enormous savings.
- And more!
Click here (http://bit.ly/1Ib7ofC) to read the full article and get a free, no-obligation 7-day trial to all of the tax-saving tips offered by the Bradford Tax Institute. "This trial is absolutely free and there are no strings attached," says W. Murray Bradford, CPA, President of the Bradford Tax Institute. "That's a personal promise."
W. Murray Bradford, CPA, is the nation's pre-eminent tax reduction expert, with more than 30 years' experience helping tax advisors, one-owner businesses, and husband-and-wife businesses reduce their income taxes. He has helped over 500,000 one-owner businesses and self-employed professionals save an average of $17,700 in new tax deductions.