Kids’ Day Camp Expenses May Qualify for a Tax Credit

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Among the many challenges of parenthood is childcare for kids when school lets out. Babysitters are one option, or you might consider sending them to a day camp. There’s no one-size-fits-all answer, but if you do choose a day camp, you could be eligible for a tax break. (Unfortunately, overnight camps don’t qualify.) Dollar-for-dollar Savings […]

Business Expenses: Understanding What Can’t Be Written Off

Business Expenses

If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the […]

Corporate Transparency Act Demystified: Understanding its Impact on Your Business

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Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure […]

How the Sharing Economy affects your Taxes

small business

If you’ve ever used–or provided services for– Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you’re a member of the sharing economy and it could affect your taxes. The good news is that if you’ve only used these services (and not provided them), then there’s no need to worry about the tax implications. However, if […]

Tax Considerations When Hiring Household Help

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If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.” In 2024, when a household employee’s cash wages reach at least $2,700, you must pay the employer share of Social Security (6.2%) […]

3 Ways Your Business Can Uncover Cost Cuts

cost cuts cost savings

Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation […]

To Get an “Early” Refund, Adjust Your Withholding

To Get an “Early” Refund

If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government […]

Advantages of Hiring Your Minor Children for Summer Jobs

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If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or […]