According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.Continue reading
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health insurance. Here’s what small business owners need to know about QSEHRAs.Continue reading
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting:
- the clean-energy industry,
- healthcare, and more.
Let’s take a look:Continue reading
Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know:Continue reading
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.Continue reading
It’s almost time for the start of the new school year, and teachers and other educators should remember that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return.Continue reading
With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.
Here’s everything you need to know including what it is, how it works, and why it’s beneficial.Continue reading
If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.Continue reading
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses.
The first thing small business owners need to know is that there are two options for claiming deductions:Continue reading
The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:Continue reading