Information on taxes.

reasonable salary for a corporate business owner
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Corporate business owner salary: what's reasonable?

What is a reasonable business owner salary? If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple.…
gift tax return deadline

The 2019 gift tax return deadline is coming up

The 2019 gift tax return deadline is looming. If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if…
Work Opportunity Tax Credit extended through 2020
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Work Opportunity Tax Credit extended through 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The Work…
refinance

Not all interest on home mortgage loans is deductible

Not ALL interest on home mortgage loans is deductible. If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity…
home office deductions
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Do you qualify for home office deductions?

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes…
Tax credits may help with the high cost of raising children

How the child tax credit can help you with expenses

Can the child tax credit help you? If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers…
Digital documents

Digital documents with e-signatures aren’t going away

Are you offering digital documents to your clients? Have you applied for a business loan lately? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In…
Federal income tax relief
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How business owners could reduce tax

Wondering how you can reduce tax? Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your…
separate tax returns

Reasons married couples file separate tax returns

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you…