Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give.
But for the purposes of tax savings, some forms of giving are much more beneficial to you than others. As a business owner, you can use...
With incentive stock options (ISOs), you could be on your way to a very nice payout.
But you must consider both the regular federal income tax results and the alternative minimum tax (AMT) results.
In addition, you must pay attention to special rules that apply to so-called...
The American Opportunity Tax Credit (AOTC) and the more familiar Lifetime Learning Credit (LLC) can make higher education costs more affordable.
The AOTC equals 100% of the 1st $2000 of a student's qualified education expenses plus 25% of the next $2000; maximum annual credit is $2500....
Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages.
In other words, by failing to comply with the accountable plan rules, you turn the tax-free reimbursement into taxable...
Talk to a business owner who has been in business for a
while and he or she will tell you to make sure that you put a retirement plan
When you are starting out and have modest income, the Savings
Incentive Match Plan for Employees (SIMPLE)...
529 Plans -- Income Tax Breaks--although contributions are NOT deductible, earnings in the 529 plan grow federal tax-free and are not taxed when the funds are distributed for college education. In addition, as of January 1, 2018, tax-free withdrawals may include up to $10,000...
In December 2017, Congress
enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children
calculate their tax on their investment-type income. The TCJA changes led
to much higher tax bills for many children.
On December 19, 2019, Congress passed a bill that the president
in the Tax Cuts and Jobs Act (TCJA) force you and other small-business owners
to reconsider whether a new venture should be conducted as a pass-through entity
or as a C corporation.
entities include partnerships and multi-member LLCs that are treated as partnerships
for tax purposes.
With the start of a new tax year, you’re probably looking
for new tax savings opportunities.
As you probably know, establishing a home office for your
Schedule C or corporate business creates valuable tax deductions.
But it’s not available only for your proprietorship, partnership,
or corporate business. If you have...
As has become usual practice, Congress passed some meaningful
tax legislation as it recessed for the holidays.
In one of the new meaningful laws, passed on December 19, you
will find the Setting Every Community Up for Retirement Enhancement Act of 2019
The SECURE Act made many...