Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. In this article, we’ll cover deferring income, purchasing new business equipment, Section 179 Expensing, and more. Let’s take a look.Continue reading
For many people buying a home – whether it’s a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some perks – at least when it comes to taxes.Continue reading
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively low interest rates also provide additional opportunities. Let’s take a look at some of them:Continue reading
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.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
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 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
Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:Continue reading
With teen employment expected to be plentiful this summer, with better pay and more opportunities, chances are good that your high school or college student will have a job this summer.
Here’s what they should know about summer jobs and taxes:Continue reading