Business Owners: Are You Missing Out On the Research Credit?
The Internal Revenue Code rewards businesses for pursuing innovation by continually increasing investment. Learn how in this Tax Tip.
Tax Strategist: Tax Perks Related to Your Business Travel
Are you missing out on tax perks related to your business travel? Food and lodging expenses may be deducted when you are away from home for business purposes. Like everything in the tax law, to be tax deductible, certain rules must be followed. Individuals who know the rules and keep good records derive the most from these deductions.
Hire Your Child, Make Him a Millionaire
The "Money Talks" hosts discuss what $5,000 invested now could grow to in 50 years.
Tax Strategist: In the Market for a New Business Vehicle?
There is one tax loophole on the books that is large enough to drive a truck through…literally. Due to a provision in the new 2010 Tax Relief Act, you can write off most or all the entire cost of a heavy-duty SUV placed in service this year—without the usual restrictions. But you should move fast if you are in the market for a new business vehicle. Congress may soon undo the unexpected windfall created by the new tax law.
Who Can Deduct Home Office Expense?
It’s tax time, so the hosts of "Money Talks" answer the burning question of “Who can deduct home office expenses?”
401(k) Plan Vendors and Service Fee Disclosures
401(k) plans have been notorious for hiding fees and sometimes charging excessive fees for services that are not received. This rule places more requirements and responsibilities on plan service providers.
Tax Strategist: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year patch of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.
Relocation and Changing Jobs Checklist
Bil Lako, CFP® and Dr. Gene discuss what you should consider before relocating for a job opportunity.
Cost Segregation
If you own a residential rental or commercial building, you may be eligible for substantial tax breaks for depreciating your property through a cost segregation analysis. For more information on how different types of buildings are depreciated and what items may qualify for accelerated depreciation methods, read this C.P.A. Insight.
Independent Contractors—How to Classify Workers
If you hire contractors for your business, you should review the list of determining factors provided by the IRS to help you classify workers either as employees or independent contractors. When reviewing the checklist, the IRS will make its decision on the whole picture of the professional relationship, not just a single factor. For more information on classifying workers, read this C.P.A. Insight.