Employing your children in your sole proprietorship or partnership can provide significant tax advantages, including exemptions from FICA and FUTA taxes, the opportunity to shelter income through their standard deduction, and the potential for long-term financial growth through contributions to a Roth IRA.
The “Money Talks” hosts discuss listeners’ questions regarding using only one fund and ETF for diversification; why investors should hold PepsiCo, and Obama’s proposed tax increase on dividends.
Creating a separate entity, such as a partnership, to hold your real estate provides both insurance and tax advantages. Read more in this Business Tip.
Before you withdraw from your cash value life insurance policy, be aware of your basis and any surrender charges. Learn more in this week’s Insurance Tip.
You have a home office, but can you deduct it on your taxes? Before you do, make sure you pass two tests from the IRS. Find out in this week’s Tax Tip.
Tax expert Emily Cowan, C.P.A. joins “Money Talks” to warn listeners about increased IRS audits and shares how to respond to an inquiry letter.
The basis accounting method you use can help manage your tax liability on your investments. Read our article on MDJonline.com.
The fastest way to get your tax refund is also the safest way: e-file and direct deposit. Learn more on the IRS website.
The IRS has an app for that! Smartphone users can get IRS2Go 2.0, to provide access to practical tools and information. Learn more about the app.
The Work Opportunity Credit has been modified by new legislation that extends the benefits for hiring unemployed veterans. Read more in this week’s Tax Tip.
