For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations. Well, the question still stands. And if you’re considering operating [...]
As you file your 2016 income tax return, you may be wondering whether you’re eligible for tax breaks related to a niece you lives with you, or perhaps a stepson who spends only party of the year in your home. It all depends on whether, for federal tax purposes, that person is your “qualifying child.” [...]
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as [...]
Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. The good news is that [...]
As tax-filing season gets into full swing, there are many details to remember. One subject to keep in mind – especially if you’ve seen your income rise recently – is whether you’ll be able to reap the full value of tax breaks that you’ve claimed previously. What could change? If your adjusted gross income (AGI) [...]
If you’re self-employed and you or your employees use a vehicle to conduct business, it’s important to know the latest tax rules. First, business-related vehicle expenses can generally be deducted using either the: Mileage-rate method (54 cents per mile driven in 2016), or Actual-cost method (total out-of-pocket expenses for fuel, insurance, repairs and other vehicle [...]