Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.
Blog
Do you run your business from home? You might be eligible for home office deductions
February 24th, 2020 by Douglas Freeman
Posted in Business Deductions, Business Equipment, Business Expenses, Business Income Tax, Business Mileage, Business Plan, Deductions, Federal Income Tax, Home Office Deduction, Income Tax, Small Business
Tags: Direct Expenses, Indirect Expenses, Management or Administrative Activities Test, Principal Place of Business, Relative Importance Test, Unattached Structure
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules.
Featured Business- QHAUZ, LLC- Auto Financing and Technology
February 20th, 2020 by Douglas Freeman
Posted in Featured Business
Tags: Auto Financing System, Car Dealerships, Subprime Credit
QHauz provides credit-challenged car buyers the ability to purchase nicer, more reliable vehicles from reputable dealers with more customer-friendly financing rates.
Digital documents with e-signatures aren’t going away
February 20th, 2020 by Douglas Freeman
Posted in Digital Documents, Small Business
Tags: Digital Signatures, E-Signatures, Electronic Documents, Electronic Signatures in Global and National Commerce Act of 2000, The Uniform Electronic Transactions Act
Why go digital? For businesses, there are generally three reasons to use digital documents with e-signatures: 1. Speed, 2. Security, 3. Service.
How to make the most of your multigenerational workforce
February 19th, 2020 by Douglas Freeman
Posted in Employees, Small Business
Tags: Baby Boomers, Generation X, Generation Z, Millennials, Multigenerational Workforce
Managing a workforce with a wide age range requires flexibility and skill. If you’re successful, you’ll likely see higher employee morale, stronger productivity…
How business owners may be able to reduce tax by using an S corporation
February 18th, 2020 by Douglas Freeman
Posted in Limited Liability Company, LLC, Medicare Taxes, S Corporation, Self Employment Tax, Small Business, Social Security
Tags: Built-in Gains Tax, Deductions, Gains and Losses, Income, Income Tax, Recognition Period
Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax.
Reasons why married couples might want to file separate tax returns
February 17th, 2020 by Douglas Freeman
Posted in 2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service (IRS)
Tags: Federal Tax Return, Married Couple, Married filing Jointly, Married filing Single, Provisional Income, Series EE Savings Bonds, Series I Savings Bonds, Tax-Free
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation.
Do your employees receive tips? You may be eligible for a tax credit
February 13th, 2020 by Douglas Freeman
Posted in Employees, FICA, Income Tax, Small Business, Social Security & Medicare (FICA) taxes
You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.
The tax aspects of selling mutual fund shares
February 11th, 2020 by Douglas Freeman
Posted in Capital Gains, Federal Income Tax, Income Tax, Investment Income Tax (NIIT), Mutual Funds, Tax Planning
The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. The tax rules involved in selling mutual fund shares can be complex.
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