Information on taxes.

college fund

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible…
Work Opportunity Tax Credit extended through 2020

File the Work Opportunity Tax Credit Online

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire from targeted groups of people who have historically had difficulty in securing employment. These targeted groups include qualified veterans, recipients…
Recordkeeping

Recordkeeping DOs and DON’Ts for business expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet…
retiring

Retiring soon? 4 tax issues you may experience

If you are retiring soon, you maybe beginning experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you are retiring: Taking…
minor children

Benefits of hiring your minor children this summer?

If you’re a business owner and you hire your minor children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And…
Net Investment income tax

Plan ahead for the 3.8% Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified…
Advance tax credit

Advance child tax credit payments beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July…
tax return

Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering…
gig

Working in the gig economy results in tax obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig…