Tax Credit or Tax Deduction: Understand the Difference

By Dana McGuffin | September 11, 2024 | Comments Off on 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…

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The Benefits of Being a Sole Proprietor

By Dana McGuffin | May 7, 2024 | Comments Off on The 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…

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