With the current tight job market and the uncertainty of our economy, many people have considered trying to transition a hobby into a business to obtain some extra cash or create a job for themselves. Before you make this decision you need to understand a few rules, because there is a clear distinction between a […]
Hobby or Business? Read More »
Tax planning at year-end is always complicated by the uncertainty that the following year may bring. With 2012 being an election year, the question looming over us all is, will the “Bush Era” tax cuts set to expire be extended? No one has a crystal ball at this point and most Democrats and Republicans in
Year End Tax Planning Read More »
As a business owner, taxes are a necessary evil, and they are especially important to keep in mind toward the end of the year. As year-end approaches, there are some things you need to plan for, including tax planning for your small business. With year-end tax planning your business can reduce liabilities and increase deductions.
The Importance of Year-End Tax Planning Read More »
Claiming a child as a dependent for federal tax purposes offers the taxpayer a number of tax related benefits. Along with being able to claim an exemption for the child, the taxpayer may also be able to take advantage of the Child and Dependent Care Credit and the Earned Income Credit, further reducing a taxpayer’s
What Is the Age Limit for Claiming a Child as a Dependent for Federal Tax Purposes? Read More »
Getting a small business up and running is its own challenge, and no matter how much you love your business you won’t be able to keep it up forever. Eventually, you’ll want to retire, and even if you only have a few employees it’s likely they will want to retire too. So, as a small
Retirement Savings Options for Small Businesses Read More »
