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
tax strategy
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
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
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
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