Tax Planning
Take Tax Advantage of a Low-Income Year
Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally…
Read MoreIs It Better to Have a Tax Credit or a Deduction?
Article Highlights: Itemized Deductions Above-the-Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits People often say that an expense is “a tax write-off”; most…
Read MoreAre You Subject to Self-Employment Tax?
Article Highlights: Self-employed Individuals Estimated Taxes Self-Employment Tax Estimated Tax Safe Harbors 1099-MISC and 1099-K Others Subject to Self-employment Tax income Not Subject to Self-employment Tax Self-employed individuals, unlike employees,…
Read MoreHealth Savings Accounts (HSA) Fill Multiple Tax Needs
Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA The Health Savings Account (HSA) is one…
Read MoreLooking Ahead to 2019 Taxes
Article Highlights: Solar Credit Plug-In Electric Vehicle Credit Penalty for Not Having Health Insurance Medical Deduction Restrictions New Alimony Rules Standard Deduction Increase Increased Retirement Contributions Federal Tax Brackets Increase…
Read MoreGet Those Kids a Job, and Take Advantage of Tax Breaks (Kiddie Tax)
Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Children who are dependents of their parents are subject to what is commonly referred to as…
Read MoreBusiness Accounting: 21 Vital Tasks
Taking care of business finances can be complicated, but proper management can cut down on much of the drudgery. The key actions are to create a realistic budget plan, correctly…
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