Author Archives: Carol

Tax Breaks for Hiring New Employees If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit … Continue reading →

Tax Implications of Crowdfunding Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s … Continue reading →

Minimizing Tax on Mutual Fund Activities Tax law generally treats mutual fund shareholders as if they directly owned a proportionate share of the fund’s portfolio of securities and you must report as income any mutual fund distributions, whether or not … Continue reading →

Hobby or Business? Why It Matters Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. … Continue reading →

Deducting Travel and Entertainment Expenses Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred … Continue reading →

Planning For Retirement: Withdrawals Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. Note: As you will see, the rules on retirement withdrawals … Continue reading →

Filing an Amended Return What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. … Continue reading →

Tax Rules for Children With Investment Income Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, … Continue reading →

Retirement Plan Options for Small Businesses Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today’s competitive environment. Besides … Continue reading →