Don’t Overlook These Essential Small Business Tax Credits
As a small business owner, proper tax planning will ensure you take advantage of every tax credit you qualify for. We outline five essential small business tax credits.
Is It Better to Have a Tax Credit or a Deduction?
A tax deduction generally reduces taxable income, whereas a tax credit reduces the tax itself. So, which is better?
Three Common Personal Income Tax Problems & What to Do
Are you self-employed? Did you move? Do you earn income in a state other than the one you live? If you answered yes, you might have one of these common personal income tax issues.
Case Study: Estate Distribution Doesn’t Always ‘Work Itself Out’
The “Money Talks” experts delve into a situation of two sons concerned their father’s assets will be left to his fourth wife, and “everything will work itself out.” They cover the importance of coordinating beneficiary designations as well.
Maximizing Deductions for Start-Up Costs
Starting a business? Know what qualifies as a capital expenditure and a start-up cost, and which ones can be deducted.
Who Claims the Children: You or Your Ex-Spouse?
A commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. Read this before you make a serious mistake.
Disaster-Related Tax Losses May Be Less Than Expected
The late-2017 tax-reform package changed the rules for personal casualty losses, which now are only deductible if they occur in a federally declared disaster area. As a result, if a home is destroyed in a forest fire or other disaster within a declared disaster zone, the homeowner can claim a casualty loss on that year’s…
Case Study: Passthroughs Can Benefit from Georgia HEART Program
Since 2017, the Georgia HEART Program allowed taxpayers to make a donation to a qualified rural hospital organization (RHO) in Georgia and receive a tax credit on their Georgia income tax liability. Furthermore, these taxpayers were eligible to take an equal charitable deduction on their federal income tax return. This was a popular benefit for…
Are You Subject to Self-Employment Tax?
All self-employed taxpayers who have more than $400 in net profit from their self-employment must pay self-employment tax.
Ten Year-End Tax Tips for 2019
2020 will be here before you know it. Make sure you make time to assess your tax situation. We list 10 tax moves to consider between now and the end of the year.