Many teachers continue to spend their own money on classroom supplies. Fortunately, the educator expense deduction allows eligible professionals to recover part of those costs—without needing to itemize.
Hiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages.
Tax Breaks for Increasing Accessibility
Certain small business owners may qualify for tax breaks by making their premises accessible to people with disabilities. The CDC reports that 61 million people in the United States are affected by disabilities.
The Advantages of Hiring Your Minor Children for Summer Jobs
If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.
Mastering S Corporations: Tax Breaks, Salaries, & Best Moves
Unravel the complexities of the S Corporation (S Corp) in this informative video.
S Corporations, the letter “S” just stands for the section of the tax code that created it.
Special Tax Benefits for Members of the Military
Military personnel and their families face unique life challenges with their duties, expenses, and transitions. As such, military members may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.