2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if...
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer. None of these tax breaks are earthshaking by themselves, but...
What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a...
Use Your Business to Maximize Charitable Donations If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones. Such payments, structured correctly, do not represent...
Use Your Business to Maximize Charitable Donations Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than are others. As...
Solo 401(k) Could Be YourBest Retirement Plan Option Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could...
