Considerations for Hiring Your Child as an Employee
Hiring your child to work in the family business can be a win-win situation for both you and your child. A child employee offers you tax advantages not available with …
Complying with Estimated Quarterly Taxes
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. Although April 15 is usually the date that federal taxes are …
Most Common Tax Deductions for Small Businesses
There are many expenses incurred in starting, running, and growing a business. Luckily for business owners, many of these expenses can be deducted. Knowing which expenses you can deduct helps …
Hobby or Business: What Factors Does the IRS Consider?
There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on …
How Do I Start a Home-Based Business?
The number of people working from home has never been higher. During the pandemic, many workers got a taste of the remote-work future and realized that they prefer to work …
Basis: What You Need to Know
“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to …
When You May Not Be Able to Use a Financial Power of Attorney
Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while …
Make Gifts That Your Family Will Love but the IRS Won’t Tax
Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones. Make Annual …