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 options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible…Read More
If you’re a business owner and you hire your child 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 you may be able to: Shift your high-taxed income into tax-free or low-taxed income,…Read More
The COVID-19 pandemic has led to a surge in unemployment. And while people who have been furloughed or lost their jobs are among the hardest hit by the pandemic, those who remain employed have also experienced financial hardships. Fortunately, the tax code provides some incentives for employers who wish to provide their employees with assistance,…Read More
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should…Read More
Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions. This means that if certain criteria are met, taxpayers may deduct the amount of their contributions to their Traditional IRA from their income. Taxes are paid on Traditional IRAs when distributions are taken. If income is…Read More
The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages you should convey to encourage their support. Temporary incentives The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in late March, expands the…Read More
Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price: S corporations must comply with strict requirements that limit the number…Read More
“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some…Read More
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