Tax Tips

Working With Your Spouse: Is Your Spouse Your Employee?

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees can vary from those that apply to other employees. There are a couple of different ways a married couple can operate a business together. If you operate a sole proprietorship and you hire your […]

Selling Your Business: Know the Tax Consequences Beforehand

The tax consequences of selling a business depend on whether you operate as a sole proprietor or a corporation. As a sole proprietor, selling your business means you are selling the individual assets of the business. The sale of a business is not usually a sale of one asset. Instead, some or all of the […]

Substantiating Business Expenses: Save Those Receipts

As a business owner, one of the most important things you should do is keep good records. Without them, the IRS may disallow some of the expenses you incur if it chooses your return for a closer look. Maintaining good records should be done throughout the year. Keeping receipts, credit card statements, bank statements, and […]

Looking for a New Job? Search Expenses Can Be Tax Deductible

If you are searching for a new job that is in the same line of work you currently have, you may be able to deduct some job-hunting expenses on your federal income tax return. Expenses are deductible even if you don’t get a new job. Here are some important facts to know about deducting costs […]

Maximizing deductions: Year-end strategies to save money

As the tax year draws to a close, many of you are thinking of ways to reduce your taxable income. Generally, this is accomplished by increasing your expenses for the year. For example, making a charitable contribution by check on December 31, 2017, will create a deduction on your 2017 tax return if you are […]

Request Form W-9 Before Payment

When non-employees perform work for you in your trade or business, it’s important to obtain a Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, before paying them. Taxpayers use a Form W-9 to provide their correct TIN to the person who is required to file an information return with the IRS to report […]

Other Tax-Saving Options: There Are Many Ways To Save

Like retirement plans, there are additional education and healthcare related plans that may help you lower your taxable income. 529 Education Savings Plans 529 plans are operated by a state or educational institution and offer tax advantages and potential incentives. These plans make it easier to save for college for a designated beneficiary, such as […]

Contributing to a Retirement Plan Can Save You Money

Investing the maximum allowable contribution per year to a retirement account is a great way to reduce your taxable income. Below, are several types of accounts that are available to taxpayers. Traditional 401(k) Plans 401(k) plans are a common way for businesses to help employees save for retirement. Traditional 401(k) contributions are not considered taxable […]

Your Company Picnic: Employee Gatherings May Be Tax Deductible

Do you throw a holiday party, summer outing or a similar type of event for your employees? The expense of providing recreational, social or similar activities (including the use of a facility) for your employees is deductible and isn’t subject to the 50% limit. However, the benefit must be primarily for employees who aren’t highly […]

Do You Qualify for a Home Office Tax Deduction?

If you have a home office or a space in your home dedicated to conducting business, you may qualify for a home office deduction. However, there are some requirements that must be met: The business part of your home must be used regularly and exclusively for business purposes. This space must be your principal place […]