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
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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
Employee Stock Options — Tax Considerations
You should consider the tax implications of stock options from your employer. Companies will sometimes reward certain employees with stock options. The thinking is that, along with other parts of the total compensation package, stock options will help retain key employees and incentivize them to work harder to help the company meet its goals. Essentially, a stock option gives an employee the right to buy shares of company stock at a predetermined price at a point in the future. That future … [Read more...] about Employee Stock Options — Tax Considerations
Managing Remote and Hybrid Workers
Whether or not the number of people working from office buildings returns to pre-COVID levels, one thing appears certain: Remote and hybrid work models are here to stay. Business owners and other managers who rely on individuals who are working remotely full- or part-time are refining and elevating their management skills so that they get the best out of their employees. While managing remote and hybrid workers bears many similarities to managing fixed-base teams, it also has some unique … [Read more...] about Managing Remote and Hybrid Workers
Preventing and Recovering from Identity Theft
When major organizations experience a data breach, it is front page news. However, these occasional reports don’t show the magnitude of the issue. Thousands of companies have security lapses every year, exposing your tax ID and other sensitive information to misuse. Even the IRS is not immune from the impact of identity theft. The annual cost of taxID fraud is more than $6 billion. Protecting your information is critical, but it is also important to know how to recover if you become a victim. … [Read more...] about Preventing and Recovering from Identity Theft