Are You Paying Too Much Interest on Your Home Mortgage?
If you are thinking about refinancing your current home loan, consider the tax ramifications before making your decision, as the 2018 tax reform made some changes that may impact it.
Is Your Child Eligible for a $500 Economic Impact Payment?
If your child received Social Security, Supplemental Security Income, Department of Veterans Affairs or Railroad Retirement Board benefits and did not file a tax return for 2018 or 2019, they may be eligible for an Economic Impact payment.
Watch Out for Tax Penalties
With the July 15 tax filing deadline behind us, it’s time to start thinking about your 2020 taxes.
Household Employee Payroll Tax Rules: 7 Things You Need to Do
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about—or one that you do know about but are ignoring.
5 Tips to Prepare for Parenthood
As you prepare for life with your baby, here are a few things you should think about.
Employers: Don’t Miss Out on the Work Opportunity Credit
The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for certain veterans and up to $9,000 for “long-term family assistance recipients.”
You Should Be Keeping Home Improvement Records
There are certain situations when having home improvement records could save taxes.
Charity Volunteer Tax Breaks
If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic, some deductions are permitted for out-of-pocket costs incurred while performing the services.
Big Tax Breaks for Hiring Your Children in the Family Business
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help with your business. Financially, it makes more sense to keep family employed rather than hiring strangers, provided, of course, your family member is suitable for the job. Note, however, that wages paid to children and other relatives aren’t…
Wealthy Taxpayers: 5 Strategies to Consider for Potential Tax Increases
Regardless of who wins the next election, with rising deficits, government spending skyrocketing, and revenue dropping due to the COVID-19 pandemic, taxes will surely go up in coming years.