Volunteering for Charity: Do you get a Tax Break?
Do you spend time volunteering for charity? While you can’t deduct the value of your time, you may be able to deduct some of the out-of-pocket costs. Here are the rules.
You May Have to Pay Tax on Social Security Benefits
If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?
If Your kids are off to Day Camp, You May be Eligible for a Tax Break
f you meet certain requirements, you may be eligible for a tax break on summer day camp expenses you pay for your child. Here is a rundown of the rules.
Donating Your Vehicle to Charity May Not be a Tax-Wise Decision
A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.
The “Kiddie Tax” Hurts Families More Than Ever
If your child or g randchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current law.
The “Nanny Tax” Must be Paid for More Than Just Nannies
In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
The Section 179 deduction and bonus depreciation for business assets have been increased and expanded. Learn more about these valuable tax breaks.
Key Deadlines for Businesses and Other Employers
Although you might want to enjoy the lazy days of summer, employers and businesses shouldn’t take it so easy that they miss these important Q3 2019 tax deadlines.
Thinking About Moving to Another State in Retirement?
Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.
Hire Your Children This Summer: Everyone Wins!
Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.