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
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Business Start-Up Costs — What’s Deductible?
Launching a new business takes hard work -- and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. No deduction is available until the business becomes active. Up to $5,000 of accumulated start-up expenses may be deducted in … [Read more...] about Business Start-Up Costs — What’s Deductible?
Grow Your Wealth with Tax-Advantaged Income
When it comes to minimizing taxes, most people focus their efforts on maximizing deductions. They look for opportunities to reduce their taxable income by taking advantage of tax laws that allow a wide variety of expenses to be claimed as costs of doing business. This technique is a critical component of your comprehensive tax strategy, but it isn’t the only opportunity to bring your tax bill down. Think bigger, by looking for ways to shift current income or generate new income that enjoys … [Read more...] about Grow Your Wealth with Tax-Advantaged Income
Your Map Through the Tax Maze
Getting through the twists and turns of the tax maze can be a challenge. It gets even more complicated when your goal is to minimize the amount you pay. Fortunately, with a little planning, you can bring your bill down, so that you can put more of your money to work building wealth. Certified Tax Coaches (CTC) offers these tips for making tax time less painful. Assemble Your Team No matter how financially-savvy you are, there are significant benefits to building a team of expert guides to help … [Read more...] about Your Map Through the Tax Maze