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…[…]
With the 2018 changes in the tax law, there are many tax saving opportunities for your business and family. We define tax planning under three key steps : Identifying key areas or Diagnostic test: This step is the process of identifying areas/ sources of income that may require you to pay the highest amount ofRead more about Benefits of tax planning[…]
Six Tax Tips for New Business Owners Starting a business is a big step in your career. In addition to developing, marketing and selling your product /service an important step is to understand the tax compliances which are critical for your business’s success. Below are few quick tips that you may find useful as aRead more about Six Tax Tips for New Business Owners[…]
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 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?[…]
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
Where is my tax refund? You can get information about your refund within 72 hours after an acknowledgment has been sent by the IRS to you. Most refunds are processed within 21 days. Filing online & electronically is the fastest way to receive status on your tax refunds. You will require the following informationRead more about Where is my tax refund?[…]
