As a homeowner, you’re likely always on the lookout for ways to make the most of your investment. One often overlooked opportunity is the Augusta Tax Rule, a provision in the U.S. tax code that allows homeowners to rent out their homes for short periods without paying taxes on the rental income. At Blue Ocean […]
Archives for July 2024
Understanding the Differences Between W-2 Employees and 1099 Contractors in Illinois
Navigating the distinctions between W-2 employees and 1099 contractors is crucial for both employers and workers in Illinois. Each classification comes with unique legal, financial, and operational implications. At Blue Ocean Tax Advisors, we aim to demystify these differences, helping you make informed decisions. Definitions W-2 Employees: A W-2 employee is a worker who performs […]