As a self-employed business owner, you may occasionally be taking help from your children in your business. On many occasions, it may be part-time work. There are many tax benefits of employing your children in the business. Below is a quick summary : From a business perspective : The wages that are paid to yourRead more about Here’s why it is tax smart to hire your children in business…[…]
Part I –What is a 401 (k) plan and how you can save taxes by contributing to a 401 (k) plan? If your employer offers 401 (k) plan but if you have never contributed to a 401 (k) plan, think again. This article outlines few basic key points that may be helpful & will provideRead more about What is a 401k plan and how you can save taxes by contributing to a 401k plan?[…]
With the 2018 tax law changes, the businesses can immediately deduct depreciation cost of machinery & equipment. The new tax law increases the maximum deduction from $500,000 to $1 Million. The Section 179 depreciation deduction is reduced dollar for a dollar once the amount exceeds $2.5 Million. Contact us via our web form if you haveRead more about Here’s what is changing in 2018 relating to business depreciation (equipment and machinery)[…]
The Tax cuts and Jobs Act that was passed last year has many changes relating to child tax credit & personal exemptions that impacts your paycheck tax withholding. Below are few useful tools offered by the Internal Revenue Service that taxpayers can use to check their monthly paycheck tax withholding. Tax Withholding calculator : CheckRead more about Here’show taxpayers with children can check their tax withholding-(paycheck checkup)…[…]
How to claim a parent as a dependent on your tax returns? The Tax Cuts and Jobs Act made major changes to the tax law for dependent exemptions. The following are few important key points for claiming dependents on your tax returns. 2018 Tax law changes Under the 2017 tax law, youRead more about How to claim a parent as a dependent on your tax returns?[…]
How to handle IRS tax notice after filing taxes? After filing tax returns, you may receive a tax notice from the IRS. There is no need to panic, check out these quick guidelines : There are few types of tax notices : Informational: Almost all notices of this type, clearly state there is noRead more about How to handle IRS tax notice after filing taxes?[…]
C Corporation Payroll and Tax compliances list C Corporation : This is a business entity structure that is taxed separately from its owners/shareholders. They are also subject to separate corporate income tax . A C Corporation is owned by its shareholders. There is double taxation of profits under this type of entity structure. Corporation isRead more about C Corporation Payroll and Tax Compliances list[…]
IRS where’s my refund Are your IRS refunds getting delayed? Below is the link to access and retrieve your refund information : IRS where’s my refund
Who can you claim as a dependent on your tax return? This is the most important question on every taxpayer’s mind at the time of tax filing. So, below are few basic rules for adding dependents on your tax returns : There are 2 types of dependents who may be claimed on your taxRead more about Who can you claim as a dependent on your tax return?[…]
Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns Income tax refunds may be delayed for taxpayers who are claiming Earned Income Tax Credit ( EITC ) and the Additional Child Tax Credit ( ACTC ). By law, IRS cannot issue refunds claiming the Earned income tax creditRead more about Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns[…]
