Tax Advice
Tax Credit or Tax Deduction: Understand the Difference
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here’s an…
Read MoreThe Benefits of Being a Sole Proprietor
Many start-up businesses move from hobby status to a business when they start to make a profit. The tax entity typically used is a sole proprietorship. Taxes on this business activity type flow through your personal tax return on a Schedule C. Here are some benefits to consider if you’re trying to decide if being…
Read MoreRetirement Plan Options for Small Business Owners
Offering a retirement plan can be a powerful tool when you’re competing to attract the best employees. And if you’re a sole proprietor, a retirement account can help you save even more money for the future. Here are some of the most popular retirement options for small business owners, along with ways to help with…
Read MoreWatch Out For These Unexpected Tax Surprises!
No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of tax situations you could find yourself in and what to do about them. Kids getting older tax surprise. Your children are a wonderful tax deduction if they meet certain qualifications. But as they get older, many child-related deductions fall…
Read MoreTaxes: Knowing the Basics is Key
It’s the starting point to saving money Understanding how our tax system works can be tricky for anyone. Whether you’re an adult who never paid much attention to the taxes being withheld from your paycheck or a kid who just got his or her first job, the starting point to reducing your tax is knowing…
Read MoreMultiple Jobs: Be Prepared for Tax Surprises
Working more than one job can help maximize income, but also potentially create a tax surprise. Here are several be aware of: Social Security Surprise: As a full-time employee, the most you’ll have to pay in Social Security taxes in 2023 is $9,932. The problem is each employer you work for will withhold Social Security taxes…
Read MoreBudgeting Basics
During inflationary periods, it is harder to balance your income with the rising cost of housing, food, fuel, health care and insurance. One of the biggest tools to fight raising costs is creating a budget and measuring it throughout the year. Here are some suggestions to help create a budget that actually works. Keep it…
Read MoreKeys to Keeping Great Business Records
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to building and maintaining a healthy bookkeeping system: Select the proper accounting method. There are two different…
Read MoreUnderstanding Tax Credits Versus Deductions
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here is…
Read MoreDebt: Gone But Not Forgotten by the IRS
With the ups and downs of our economy over the last 2 years, you may have had a loan or credit card balance forgiven or cancelled by a financial institution. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for you and your…
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