Personal Tax

Article Highlights: WildfiresPlanned Power OutagesSolar BatteriesSolar Tax Credit Over the past few years, several wildfires have been blamed on power lines downed during periods of low humidity and gusty winds, which typically occur in the fall. The 2018 Camp fire, sparked by downed power lines, was the deadliest in California history, claiming 85 lives and causing more … [Read more...] about Are Solar-Powered Batteries the Answer to Power Outages?

Article Highlights: Crowdfunding SitesGiftsCharitable GiftsBusiness VenturesSEC Registration Raising money through Internet crowdfunding sites prompts questionsabout the taxability of the money raised. A number of sites host money-raising projectsfor fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, … [Read more...] about Crowdfunding Can Have Unexpected Consequences

Article Highlights: Itemized DeductionsAbove-the-Line DeductionsBusiness DeductionsAsset-Sale DeductionsRefundable CreditsNonrefundable CreditsCarryover CreditsBusiness Tax Credits People often say that an expense is“a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefittakes the form of either a … [Read more...] about Is It Better to Have a Tax Credit or a Deduction?

Article Highlights: Daycare Providers Simplified Food DeductionSpecial Rules for Business Use of the Provider’s HomeHome Sale Consequences Other ExpensesOther Daycare Provider IssuesDaycare User CreditEmployer Dependent Care BenefitsOther Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from … [Read more...] about Child Daycare and Taxes

At their core, tax credits are a very particular type of benefit designed to offset the actual tax liability associated with SMBs around the country. This isn't the same thing as a tax deduction, which lowers that business's actual income. Tax credits are typically offered to incentivize everything from hiring more workers in order to stimulate the economy to making … [Read more...] about Don’t Overlook These Essential Small Business Tax Credits