Hire Your Children This Summer: Everyone Wins
If you are a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience,
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Category: Tax
Working Around the New “Kiddie Tax”
Single taxpayers with taxable income up to $39,375 ($78,750 on joint returns) can pay zero percent tax on long-term capital gains. That may suggest some income-shifting strategies. Example one: Suppose
Final Regulations Clarify IRC Section 199A
The IRS recently published final regulations regarding Section 199A of the IRC. That section, created by the Tax Cuts and Jobs Act of 2017, offers a 20 percent deduction for
How Entrepreneurs Must Treat Expenses On Their Tax Returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. As to be expected, before you even open
May 10
Employers: For Social Security, Medicare, and withheld income tax, file IRS Form 941 for the first quarter of 2019. This due date applies only if you deposited the tax for
May 15
Employers: For Social Security, Medicare, withheld income tax, and non-payroll withholding, deposit the tax for payments in April if the monthly rule applies.
Three Questions You May Have After You File Your Return
Once your 2018 tax return has been successfully filed with the IRS, you still may have questions. Below are brief answers to three questions that we are frequently asked at
Using The Zero Percent Tax Rate
Generally, profits from selling assets such as securities and real estate held in taxable accounts are classed as long-term if the holding period was longer than one year. Tax rates
Seniors: Medicare Premiums Could Lower Your Tax Bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can
The Standard Deduction’s Double Standard
The 2019 ‘tax season,’ during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the