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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Beneficial Ownership Information Reporting Under the Corporate Transparency Act
What is Beneficial Ownership Information Reporting? Beneficial Ownership Information (BOI) reporting is a federal requirement by the Corporate Transparency Act (CTA). BOI reports include information about all the company’s beneficial owners. Who is considered a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least 25 percent of the company’s ownership … [Read more...] about Beneficial Ownership Information Reporting Under the Corporate Transparency Act
Tax Breaks for Elder Care
You may be one of the many people who provides some care for an elderly parent. The care may range from a simple daily check-in to more complex daily assistance with the basics of living. The stress involved in taking care of one or more parents can be significant. It can also impose a financial burden. Fortunately, there are various tax breaks that may help reduce the financial strain. What follows is an explanation of those tax breaks and who can potentially qualify for them. Medical Expense … [Read more...] about Tax Breaks for Elder Care
Common Tax Mistakes to Avoid When Filing Your Returns
Filing your tax returns can be a daunting and sometimes stressful task. The fear of making mistakes and facing potential consequences, such as audits or fines, can add to the anxiety. To help you navigate this process successfully, it's essential to be aware of common tax mistakes and take steps to avoid them. In this article, we'll discuss some of the most prevalent errors people make when filing their tax returns and how to steer clear of them. Missing the Deadline One of the most basic … [Read more...] about Common Tax Mistakes to Avoid When Filing Your Returns
5 Often-Overlooked Tax Credits for Your Small Business
As a small business owner, tax time can be stressful. That’s why ensuring you’re garnering every benefit possible is essential. Many small businesses overlook some huge benefits when it comes to tax credits. This article reveals five of the most overlooked tax credits for small businesses. Read on to determine if any of these apply to your business. Tax Credit vs. Tax Deduction Before jumping to five tax credits often overlooked by small businesses, let’s clarify the difference between a … [Read more...] about 5 Often-Overlooked Tax Credits for Your Small Business
The Pluses and Minuses of Business Borrowing
There are distinct pluses and minuses that small business owners should consider when looking for a loan. New small business owners typically enter the marketplace with high expectations -- they want to build sales and increase profits quarter to quarter. More often than not, they hope to add employees and, perhaps, open up additional locations. To help turn their dreams of growth into reality, they often seek out financing. The big question is when to borrow money and on what terms. The … [Read more...] about The Pluses and Minuses of Business Borrowing