Child and Dependent Care Credit

You may be wondering whether the money you spent on a day care center, a babysitter, summer camp or other provider to care for your qualifying child under age 13 or a disabled dependent of any age can earn you tax credits. The child and dependent care credit provides a tax break for many parents […]

The 2018 Tax Wrap-Up

The tax reform passed at the end of 2017 runs to about 70,000 words. It’s a large and complicated piece of legislation, and we can look forward to additional guidance and clarifications. For now, here are summaries of some of the key provisions: Key changes for individuals Standard deduction amount increased. For 2018, the standard deduction […]

How to Seek and Secure Investors for Your Business

Running a business, or thinking of starting one? You may need investors. Here are the top suggestions for securing the interest of investors and eventually raising funds: Create a realistic budget to gain traction. To show investors you have what it takes, you’ll need a budget to get your first customers and to make sure that […]

Abusive Tax Shelters: Know the Score

Tax avoidance? Accelerating tax deductions, deferring income, changing one’s tax status through incorporation, and setting up a charitable trust or foundation. All of these are legal tax shelters. Tax evasion — that’s a different story. In tax evasion, you plan to reduce tax payable through illegal means. Abusive tax shelters reduce taxes, promoting the promise […]

Beware the Taxes of Self-Employment

You can be self-employed as a sole proprietor/an independent contractor, or a member of a partnership or of a limited liability company. As such, you need to file an annual income tax return and pay estimated taxes throughout the year on your income. Also, you may have to remit self-employment (SE) tax payments as well […]

Gather All Your Papers for Taxes

Most of the papers you need to document the income, interest and withheld taxes you report arrive in your mailbox in January, with investment-related 1099s often coming in February. Get ready for their arrival by creating print and online folders. It’s a good idea to create a paper and an email tax folder for messages […]