SUMMER EMPLOYMENT FOR YOUR CHILD

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to...

HOW QUICKBOOKS ONLINE HELPS YOU TRACK MILEAGE

If you drive even a little for business, it’s easy to let mileage costs slide. After all, it’s a pain to keep track of your tax-deductible mileage in a little notebook and do all the calculations required. If you do rack up a lot of business miles, you probably forget...

IS YOUR WILL OR TRUST UP-TO-DATE?

Article Highlights: Estate Tax Exclusion Why a Will or Trust? Life-Changing Circumstances Beneficiaries When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over...

WHEN CAN YOU DUMP OLD TAX RECORDS?

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after...

DON’T IGNORE HOUSEHOLD EMPLOYEE PAYROLL TAX RULES

Article Highlights: Household Employees Tax Avoidance Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax...