Summary: Many people think that tax deductions and credits are the same, but they’re not. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Click through to find out what that means and when it matters. Tax deductions and tax credits can both help you, but that doesn’t mean […]
Whether you have one employee or 1,000, you have to take responsibility for withholding and remitting Social Security taxes. Click through to make sure you know the basics and comply with the rules. The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security […]
Here’s some good news for you from the IRS as you get older: You get extra tax breaks. The Internal Revenue Code and other laws contain special provisions for the elderly. Click through to make sure you don’t leave anything on the table. Getting older has its perks, including tax breaks. Your income threshold for […]
Summary: If you’re rehabilitating a historic home, you may be able to claim a rehabilitation tax credit. But the devil is in the details, and it’s about more than just the house being old. Click through to learn about the conditions you need to meet. If you’re rehabilitating a historic home, know that there […]