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? 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, 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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Hobby or Business? Why the IRS Cares, turning a hobby you enjoy into a riioney-making activity can make for an ideal work situation. And many people do turn to their personal interests for business inspiration after they \”retire\” or when they simply want to supplement their job earnings. The income received from such pursuits is
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Put Your Child on the Payroll This Summer, are you it self-employed business owner and the parent of a teenager? Giving your child a job this summer could be a smart tax move. Deduction for you. The net income you earn as a self-employed person ill 2011 will he taxed at rates as high as
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A Window of Opportunity for Family Business Owners, as a small business owner, you may have high hopes that your kids and grandkids will keep your company going well into the future. Along with those hopes may come worries that a substantial estate-tax burden could make it difficult, if not impossible, for the next generation
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