Article Highlights: Planning for a Child’s Post-Secondary Education Tax-Favored Plans Tax-Free Earnings Coverdell Accounts Qualified Tuition Plans Have Others Contribute Gift Tax Issues Tuition Gifts A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected […]
The money you spend to run your business must be recorded conscientiously for your taxes and reports. Here’s how to do it. You undoubtedly keep a very close watch on the money coming into your business. You record payments as soon as they come in and deposit them in your company’s bank account. But are […]
Distributed Workforce Businesses Are Facing Challenges as They Adapt to Remote Employees According to one recent study, nearly half of all employees switched to working remotely in 2020 during the onset of the COVID-19 pandemic. Almost overnight, local and state lockdowns went into effect on all services deemed non-essential — meaning that people suddenly had […]
Article Highlights Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax related articles or instructions one needs to understand the basic lingo and acronyms used by tax professionals and authors to be able to grasp what they […]
November 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding […]
Tips to Get Your Startup Off the Ground One of the most important things to understand about being a startup entrepreneur is that there is no “one size fits all” approach to what you’re doing. Everyone’s path is different, and you need to find out your own if you want to have any reasonable chance […]
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers’ and customers’ fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April […]
Article Highlights: Who Qualifies for Education Credits American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit 1098-T Qualified Expenses If you think that education credits are just for sending your children to college, think again—the credits are available to you, your spouse (if you are married), and your dependents. Even if you or […]
If you had to make a list of some of the most critical elements of running a business that most new entrepreneurs don’t think enough about until it’s far too late, bookkeeping would undoubtedly be right at the top. On a surface level, bookkeeping is simply the process of keeping accurate, thorough records of the […]
Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don’t Forget Your 2021 Minimum Required Distributions Bunching Deductions Take Advantage of the Zero Capital Gains Rate Defer Deductions Increase IRA Distributions Defer Capital Gains by Investing in an Opportunity Zone Fund Sell […]