If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, and Realize payroll [...]
QuickBooks 2022: New Pricing Structure, System Requirements Whether or not you’re ready for the latest version of QuickBooks, you should know about some important changes. Sometimes, deciding that you need to upgrade a piece of software is easy. Either a newer version has features you need that your current product lacks, or you’ve outgrown the [...]
Has your business been audited by the IRS? It may be stressful, especially if you don’t know what to expect. It might help to know what information IRS auditors have about your industry. To prepare for an audit, IRS examiners generally research a specific industry, plus issues on a tax return. One tool they often [...]
If you have a life insurance policy, be aware that the proceeds your beneficiary receives could be subject to federal estate tax. That is, unless you take steps to ensure that the policy isn’t part of your estate. WHAT TO DO Life insurance proceeds will be included in your taxable estate if: Your estate is [...]
Unexpected disasters such as severe storms, flooding and wildfires can happen anywhere, causing damage to your home and personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But restrictions make it tougher to qualify for these deductions. What’s considered a casualty for [...]
There’s a harsh tax penalty that you could be personally responsible to pay if you own or manage a business with employees. It’s called the Trust Fund Recover Penalty. It applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. Because taxes are considered [...]