Hire Your Child for the Summer if you own your own business, you may want to think about employing your child for the summer. Not only will your child learn some valuable workplace skills, but you could reduce your taxes, too. Tax Savings Hiring a child can be a legitimate income-shifting tool. The wages you […]
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Selling Your Home, it\’s great to make money on the sale of a home, but. the gain is potentially taxable. The good news is that you may qualify for a generous federal income-tax exclusion. General Rules Single taxpayers may qualify to exclude gain of up to $250,000 if they both owned and used the home
The New 3.8% Medicare Surtax – Will It Affect You? Higher income taxpayers could have some new taxes and tax rates to contend with when they file their 2013 tax returns. Among them is the new 3.8% Medicare surtax on net investment income. How Does the Tax Apply? This tax will be imposed on the
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Year-end Tax Tips, a little planning could save a lot in taxes. Here are a few strategies individuals and businesses can use to help lower their 2013 tax bills. Contribute to your retirement savings. To help with this year\’s taxes, increases to your 401(k) plan salary deferral must be made during 2013. However, you have
Tis the Season, at the end of the year, companies often celebrate the holidays by having office parties or giving gifts to their employees. The following are some general guidelines as to what is taxable and what is not. Gifts. Employers can give their employ- ees merchan- dise of nominal value – hams and turkeys,
Tax Credit Opportunities, tax deductions aren\’t the only things to consider when looking for ways to reduce your 2013 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \”refundable\”
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Considering Self-employment? If you\’re thinking of starting a business venture, you\’ll want to understand how your business income would be taxed. As a self-employed person, you\’d be responsible for paying both income taxes and self-employment taxes on your earnings. Income taxes. Many self-employed individuals operate as sole proprietors. A sole proprietor doesn\’t file a separate
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Powerful Deductions, taxpayers like deductions because they\’re a key to lowering taxes. But not all deductions work the same way in the tax calculation. Those you are allowed to claim \”above the line\” can be especially powerful. On your personal tax return, abovethe- line deductions are subtracted from your income to arrive at your adjusted
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Tax Breaks for Caregivers, at some point in your life, you may find yourself caring for elderly parents or other relatives. Or you may be doing it now. Whether it\’s hands-on care or financial aid only, providing care may allow you to take advantage of certain tax breaks. Dependency exemption. The person you are caring
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Help With Health Insurance, consumers will soon be able to purchase health care coverage on new government-run insurance exchanges. The exchanges are being created pursuant to the health care reform law. The initial open enrollment period for the exchanges is scheduled to begin on October 1, 2013, and coverage will be offered on January 1,
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