Article Highlights: Acceptable Records Meals Spouse Expenses Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively. Like everything involving taxes, there are rules to follow. The IRS requires that lodging expenses (and other expenses of $75 or … [Read more...] about Tax Tips for the Well-Traveled Businessperson
Misclassifying Workers Can Be Costly!
Article Highlights: Independent Contractor Cost Savings Penalties For Misclassification Primary Determining Factors Additional Determining Factors Requesting the IRS to Make the Determination Most business owners and executives tend to be financially conservative and preserve the cash of the business. This conservative approach frequently carries over to hiring … [Read more...] about Misclassifying Workers Can Be Costly!
Know the Rules before You Break Open Your Retirement Piggy Bank
Article Highlights: Early Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement piggy bank may be a tempting source. However, if you are under age 59½ and plan to withdraw money from your Traditional IRA or qualified retirement account, you will likely pay both … [Read more...] about Know the Rules before You Break Open Your Retirement Piggy Bank
Child Care Credit Available to Student-Parents
Article Highlights: Student Parents May Qualify for Child Care Credit Determining the Artificial Income for Credit Computation How the Credit Is Determined If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples … [Read more...] about Child Care Credit Available to Student-Parents
Can You Take a Home Office Deduction?
Article Highlights: Home Office Deduction For Self-Employed Individuals Employee Home Office Issues Safe Harbor Home Office Deduction If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the rent, purchase, maintenance and … [Read more...] about Can You Take a Home Office Deduction?