If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents [...]
If you run your small business out of your home, you may want to "write off" many of your household expenses. Alternatively, you may have found one of those work from home companies that people have enthused about online. But how do you know what is deductible and what is not? Generally, expenses related to [...]
College is just around the corner for many. This comes with a lot of financial responsibility. The student has to have enough money to live so many students are looking into their different options like tenant loans from GuarantorLoans.com and other to try and support themselves, the parents need to ensure they pay the tuition, [...]
The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to pay a required tax on behalf of its employees. For example, employers withhold income taxes and FICA payroll taxes from employees’ wages. These funds actually belong to the government and are [...]
When replacing a business vehicle, it does make a difference for tax purposes whether you decide to sell it or trade it for the replacement vehicle. If you sell a vehicle that was used for business, the resulting gain or loss is reported on your tax return. As a result, it is generally better to [...]
Sec. 529 plans allow very large sums of money to be put away for a child's college education with the earnings accumulating as tax-deferred and tax-free, if used for qualified college education expenses. Coverdell Education Savings Accounts allow $2,000 a year to be set aside for a child's education. Earnings are tax-deferred and tax-free if [...]
When it comes to college students going back to the campus life there are a few things that students and parents need to be aware of. This article should be beneficial for everyone who is going to college, whether you're a recent high school graduate going to college for the first time, are looking into [...]
When a taxpayer settles a debt for less than its full amount, the forgiven amount of the debt is taxable, unless the taxpayer qualifies for one of two currently available exclusions. With the downturn in the economy and the accompanying drop in home prices that occurred in recent years, many taxpayers are unable to keep [...]
Employer dependent care benefits allow you to exclude up to $5,000 in childcare expenses from your wages. Employer health care plans allow you to exclude the cost of insurance for you and your family from your wages. Employer 401(k) plans allow you to set aside $17,500 ($23,000 if you are 50 years or over) per [...]
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2013 must be [...]
