Tax Implications of Hiring Employees vs. Independent Contractors

As a business owner contemplating a new hire, you may be wondering which way to go – with an employee or an independent contractor. While both may offer the skills and services you need, when it comes to your tax obligations, there are substantial differences between the two. Understanding these differences can prevent unexpected costs and help you fulfill your tax duties.

Do you need an Insider or an Outsider?

When it comes to succession planning we often look outside the business for the next CEO rather than internally.  In a recent HBR article Joseph Bower explores the trends in S&P 500 companies, finding that 80% promoted insiders in the past 12 months.  So, which strategy is more successful and why?