You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if your child has other plans for spending the money. However, you should persist since the benefits can be significant over the long term. Here are some points you can bring up as … [Read more...] about Help Your Working Teen Get a Jump-Start on Saving
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LLC vs. S Corp: Which is Best for Tax Purposes
If you’re confused by the difference between LLCs and S Corps, this article is for you! Here, we clarify the difference and provide guidance on which option is best for you. Before we get to the best qualification for your small business regarding tax filing, let’s define an LLC and an S Corp so that we know what each designation means. What is an LLC? An LLC is a limited liability company. It is a legal designation. The owner is protected from personal liability regarding business activities … [Read more...] about LLC vs. S Corp: Which is Best for Tax Purposes
Take Advantage of 7 Small Business Deductions
Small businesses can take advantage of dozens of tax deductions to reduce what they owe the IRS at tax time. In this article, we share seven top deductions that you may not know about but should. Property rent If you rent a location for conducting business, you can deduct your rent payments as a business expense. Remember, even if you run a business from a home office, that is not an eligible “property rent” expense for your business. Home office deductions should be made under that … [Read more...] about Take Advantage of 7 Small Business Deductions
What Businesses Should Expect From Higher Interest Rates
The historically low interest rates that Americans have enjoyed over the last several years could well become a thing of the past as actions taken by the Federal Reserve to curb inflation make their way through the broader economy. Here's a look at the potential impact on small businesses and some steps they may need to take to ensure their viability. Prepare for a Decline in Sales Paying more interest to lenders can leave customers with less disposable income, forcing them to cut back on … [Read more...] about What Businesses Should Expect From Higher Interest Rates
8 Accounting Tips Every Small Business Owner Should Know
As a small business owner, you probably think about tracking expenses and keeping up with tax deductions, but these aren't the only critical accounting tips you should know. Whether you've been in business for a while or you're a new start-up entrepreneur, read on for our 8 best accounting tips. 1. Outsource your bookkeeping. For every business, bookkeeping is critical. This essential task is keeping organized records of your business's income and expenses. If you're like most small business … [Read more...] about 8 Accounting Tips Every Small Business Owner Should Know
Hiring An Independent Contractor? Your Tax Obligations
Here’s what you need to know about taxes Two months ago in this column, we explained the differences between employees and independent contractors. The IRS has strict rules that you must follow when you make this distinction because there are very different tax rules for each type of worker. If you’re hiring an independent contractor for the first time, here’s the good news: Your income tax obligations are much simpler than they’d be if you were bringing on a new employee. You are not … [Read more...] about Hiring An Independent Contractor? Your Tax Obligations