When Form 1040 time rolls around, individuals who itemize deductions for state and local taxes use Schedule A of Form 1040 to claim such write-offs. But the rules can get tricky. Click through to make sure you navigate the provisions correctly.Deductible levies for itemizers include their payments for income taxes, sales taxes, real estate taxes […]
The federal work opportunity tax credit can put money into the pockets of employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. Click through to see if your business is eligible.As explained by the IRS, the work opportunity tax credit is equal to 40% of up to $6,000 […]
Summary: Many business owners have learned the expensive way that just because they incurred expenses doesn’t mean outlays can automatically qualify as deductibles. Click through for a case study that shows what “ordinary and necessary” really means. The operative word for business deductions is business. Generally speaking, the money that people spend to improve their […]
Summary: You may have been advised to check your tax withholdings at least once a year. But if you’ve had job or family changes, you may want to do it more frequently. Click through for some IRS withholding advice to forestall any surprises next tax season. Are you having the right amount of taxes withheld […]
Summary: Dividend stocks have been riding a renewed wave of popularity. Investors appreciate dividends due to the reliable income streams they produce, along with their potential for capital appreciation. Click through for an overview on dividends to see whether they’re right for you.Dividend stocks provide a relatively low-risk strategy and a hedge in volatile markets. […]
Summary: Productive workers can be difficult to find, though employee referrals can make your search much easier. But how does such a system work? Is it something you can implement at your place of business? Click through for insight into this type of incentive program.In May 2022, ABC News reported that 90% of employers have […]
Summary: In a traditional employee situation, a business withholds and remits certain payroll taxes. But what’s the deal when it comes to other types of compensation or income? Click through for an introduction to the complexity that is withholding rules.Backup withholding is a certain method that the IRS implements as a way to make sure […]
Summary: People come up with continued excuses for delaying getting their final affairs in order. The reasons can be both practical and psychological. Click through for some insights into getting your will and other aspects of your estate plan in order.If you dither and procrastinate over creating even a straightforward will or simple trust, you […]
Summary: ASC 606 lays out recognition rules. Rather than recognizing revenue when the risk of loss has been passed on to the customer, revenue must be reported when the goods are transferred. Click through for an introduction to the complex world of revenue recognition through the lens of ASC 606.The Financial Accounting Standards Board created […]
Summary: IRAs are among the most popular retirement savings vehicles. They’re easy to set up and carry powerful tax incentives. But the rules can get complicated. Click through for an overview of the tax provisions surrounding IRAs.Individual retirement arrangements, or IRAs, provide tax incentives for investments that most employees can use to provide for their […]
