Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire — such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the […]
Invest in your kids’ or grandkids’ future – with help from the tax code
If you’re thinking about helping a child or grandchild pay for school, you’re not alone — and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the […]
What’s your business exit strategy?
Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-owner businesses A buy-sell agreement is […]
Choosing the optimal accounting method for tax savings
The accounting method your business uses to report income for tax purposes — cash or accrual — can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may be more appropriate — or required — in some cases. So review your current method to help ensure you’re using […]
Traveling with your spouse on business? Know what’s deductible
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. When your spouse is also your employee If your spouse is your employee, you may be able to deduct most of […]