Sole Proprietorship—Is The Risk Worth It?
A sole proprietorship comes with few bureaucratic hoops, but you have to contend with 100% personal liability. We explain in this week’s Business Tip.
Increase Your Withholding to Avoid Underpayment Penalties
The IRS can penalize you for underpayment during the year. But you can increase your withholding to avoid it. Learn what to do in this week’s Tax Tip.
Family Courts Don’t Always Pay Attention to Federal Tax Law
Uh-oh! What to do when family court awards physical custody of a child to one parent and the tax exemption to the other. Read all about it in this week’s Tax Tip.
Get Credit for Generating Your Own Home Power
You can get a tax credit on your federal tax return for installing certain power-generating systems on your home. We explain in this week’s Tax Tip.
Independent Contractors and What They Mean for Your Business
Our experts focus on a case study of a small business on the brink of hiring its first employee, rather than continue the current independent contractor relationship.
Business Entities: Limited Partnerships
Unlike a corporation, a limited partnership is inexpensive and simple to create and maintain. Read more in this week’s Business Tip.
Gifting Money or Property Can Have Serious Tax Consequences
Few people turn away a gift of money. When you give, know the tax consequences. We explain in this week’s Tax Tip.
Are Charity Auction Purchases Deductible Contributions?
Remember that hand-blown glass vase you purchased at a charity auction? Only some of what you paid is deductible. Learn why in this week’s Tax Tip.
Business Entities: Professional Corporations
Your business entity can affect your liability, continuity and taxes. Today we look at professional corporations (PC). Read more in this week’s Business Tip.
Keep Track of Your Investment Basis
Basis begins with the price you paid for your investment, but certain events can change it over time. We explain in this week’s Tax Tip.