How to reduce the tax risk of using independent contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views [...]

By | 2018-09-04T11:21:25+00:00 September 5th, 2018|Business, Tax|Comments Off on How to reduce the tax risk of using independent contractors

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes [...]

By | 2018-08-28T11:54:37+00:00 August 29th, 2018|Tax|Comments Off on Back-to-school time means a tax break for teachers

Why the “kiddie tax” is more dangerous than ever

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under [...]

By | 2018-07-25T12:11:08+00:00 July 25th, 2018|Tax|Comments Off on Why the “kiddie tax” is more dangerous than ever

3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll [...]

By | 2018-07-18T10:49:21+00:00 July 18th, 2018|Tax|Comments Off on 3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

Does your business have to begin collecting sales tax on all out-of-state online sales?

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and [...]

By | 2018-07-05T09:04:33+00:00 July 5th, 2018|Business, Tax|Comments Off on Does your business have to begin collecting sales tax on all out-of-state online sales?

Factor in state and local taxes when deciding where to live in retirement

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case [...]

By | 2018-06-06T09:23:48+00:00 June 6th, 2018|Financial, Tax|Comments Off on Factor in state and local taxes when deciding where to live in retirement

Putting your child on your business’s payroll for the summer may make more tax sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By [...]

By | 2018-05-29T10:24:18+00:00 May 30th, 2018|Business, Tax|Comments Off on Putting your child on your business’s payroll for the summer may make more tax sense than ever

Sending your kids to day camp may provide a tax break

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, [...]

By | 2018-05-23T15:01:23+00:00 May 23rd, 2018|Tax|Comments Off on Sending your kids to day camp may provide a tax break

Can you deduct business travel when it’s combined with a vacation?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General [...]

By | 2018-05-16T14:17:18+00:00 May 16th, 2018|Business, Tax|Comments Off on Can you deduct business travel when it’s combined with a vacation?

Do you need to adjust your withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that [...]

By | 2018-05-09T09:39:02+00:00 May 9th, 2018|Tax|Comments Off on Do you need to adjust your withholding?
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