Independent contractors: handle with care
Mon, Jul 15, 2024

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

6 strategies for improving collections
Mon, Jul 15, 2024

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. Of course, these enterprises face many other challenges. Here are some collection tips for other types of companies.

Renting to family members
Mon, Jul 15, 2024

Owners of residential real estate may consider renting their properties to family members. As rents rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements can be fraught with tax perils. A misstep can lead to the loss of significant tax deductions. This article reviews the tax treatment of rentals to unrelated parties and examines how renting to family changes the rules.

HSAs can be powerful retirement saving tools
Mon, Jul 15, 2024

Health Savings Accounts (HSAs) are designed as tax-advantaged savings vehicles for funding uninsured health care expenses. But if you’re in relatively good health, an HSA also can serve as an attractive retirement savings vehicle. Here’s how an HSA allows an eligible individual to pay health expenses, cut his or her federal income tax bill, and save for retirement.

Tax Calendar
Mon, Jul 15, 2024

This calendar notes important tax deadlines for the third quarter of 2024.

What expenses can’t be written off by your business?
Mon, Jun 3, 2024

Business owners who look at the Internal Revenue Code for a list of deductible business expenses may be surprised to find that there isn’t a list of specific deductions. For example, the tax law doesn’t explicitly state that a business can deduct office supplies and certain other expenses. Some expenses are detailed in the code, but the general rule is contained in Section 162, which states a business can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

Getting a new business off the ground
Mon, Jun 3, 2024

Government officials monitor the number of new businesses that are launched each year. In the aftermath of the pandemic, government officials saw a large increase of businesses formed. The U.S. Census Bureau measures this by monitoring the number of businesses applying for an Employer Identification Number. This article describes how start-up expenses are handled on the relevant tax return.

Sending the kids to day camp may bring a tax break
Mon, Jun 3, 2024

Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send their children to day camp may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax credits are so beneficial and how eligibility for this one is determined.

Help prevent financial scams aimed at older people
Mon, Jun 3, 2024

No matter the season, scam artists look for new victims. They often attempt to use phone and email scams to pick the pockets of older people, trying to steal money and financial data. This article offers seven ways to help prevent elder financial abuse and fraud.