Category Archives: Business Owners

Taking 529 Plan Withdrawals

Taking 529 Plan Withdrawals, to make the most of your Section 529 college savings plan, consider the following. Qualified expenses. Withdrawals from a 529 college savings plan are tax free, provided the withdrawals are not more than the account beneficiary's qualified higher education expenses for the year. Qualified expenses include tuition, fees, books, supplies, and…
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New Rules Under the Affordable Care Act

New Rules Under the Affordable Care Act, the U.S. Treasury Department recently issued final regulations regarding the "shared responsibility" requirements placed on certain employers by the Affordable Care Act (ACA). These final regulations ease some rules and delay the phase-in of others. Covered Employers As of January 1, 2015, employers are required to provide qualifying…
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Considering Self-employment?

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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Home Office Deduction Simplified

Home Office Deduction Simplified, beginning with the 2013 tax year, the IRS is making a simpler method available for calculating the home office deduction. At their option, taxpayers may claim a standard rate of $5 per square foot for the qualified business use of their home instead of using a prorated portion of their actual…
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