The good news: Home-office deduction is still allowed for self-employed taxpayers. The bad news: It’s no longer available for employees, at least for 2018 through 2025. Read all about the changes in this week’s Business Tip.
Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’ higher tax bracket and shifting it to their children’s lower tax bracket. The kiddie tax plugged that tax…
If you have your money professionally managed, the Tax Cuts and Jobs Act took away the itemized deduction you took for those management fees. Learn more in this week’s Tax Tip.
We tease that the Tax Cuts and Jobs Act was the employment act for accountants…it’s funny because it’s true, especially when it comes to choosing your accounting method for businesses. Find out why in this week’s Business Tip.
IRAs were meant to fund your retirement, so the IRS penalizes you if you withdraw from your account prior to age 59½. Learn the details in this week’s Financial Tip.
Have you “migrated to the cloud?” No, not your family photos or back up files—your small business accounting! Learn more in this week’s Business Tip.