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What Salary Should You Pay Yourself As An S-Corporation?

Understand the right amount to pay yourself as an S Corporation and avoid unnecessary hassle of payroll taxes.

Tax Credits May Help With the High Cost of Raising Children

If you’re a parent, or you plan on having children, you know it’s expensive to pay for their food, clothes, activities, and education. Fortunately, there’s a tax credit

Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions

If you’re self-employed and work out from an office in your home, you may be entitled to home office deductions. However, there are some strict rules you must

How Business Owners May Be Able to Reduce Tax by Using an S Corporation

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If you do, you’re subject to both income tax and

Reasons Why Married Couples Might Want to File Separate Tax Returns

Married couples frequently wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status

The Tax Aspects of Selling Mutual Fund Shares

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates 56.2 million households owned

Do You Want To Go Into Business For Yourself?

Many of the people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that type of business

Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit

Do you own a business where tipping is customary for serving food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA)

There Still Might Be Time to Cut Your Tax Bill with IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like it to be, you may still have an opportunity

Numerous Tax Limits Affecting Businesses Have Increased for 2020

A variety of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you

Answers to Your Questions About 2020 Individual Tax Limits

At this point in time, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019

Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile.

Can You Deduct Charitable Gifts on Your Tax Return?

Many taxpayers make charitable gifts, both because they’re generous and because they want to save money on their federal tax bills. But with the tax law changes that