fbpx

Strategies to Reduce Taxes on Social Security Benefits

Strategies to Reduce Taxes on Social Security Benefits 1

One of the items that many people rely on for retirement planning is Social Security. You know that you will likely receive Social Security benefits (although they might be reduced). However, Social Security benefits are also among the surprising things you pay taxes on. Depending on your income level, and where that money is coming … Read moreStrategies to Reduce Taxes on Social Security Benefits

Important Tax and Filing Dates for Individuals and Small Businesses

Important Tax and Filing Dates for Individuals and Small Businesses 6

For both individuals and small businesses, keeping track of all the important tax and money due dates throughout the year can be overwhelming. Forgetting a deadline is an extremely costly mistake in most cases: you end up paying fees and penalties for slipping up. Don’t let a lack of organization cost you; here’s a list … Read moreImportant Tax and Filing Dates for Individuals and Small Businesses

How to Create 1099-MISC Forms and File Online with the IRS

How to Create 1099-MISC Forms and File Online with the IRS 15

If you hired contractors to perform work for you, you will have to create a 1099-MISC form for each contractor that you paid $600 or more to over the course of the year. These forms have to be mailed out to your contractors before January 31st and filed with the IRS before February 28th (March … Read moreHow to Create 1099-MISC Forms and File Online with the IRS

What is the Alternative Minimum Tax and How Does It Work?

What is the Alternative Minimum Tax and How Does It Work? 18

What could be more stressful than figuring out your income tax? Discovering that you did not pay enough tax this year, and on top of that, many of your exemptions and deductions will no longer be applicable because you are subject to the Alternative Minimum Tax. The AMT is one of the most confusing tax … Read moreWhat is the Alternative Minimum Tax and How Does It Work?

Home Mortgage Interest Deduction: How It Works and the Big Myth

Home Mortgage Interest Deduction: How It Works and the Big Myth 21

One of the benefits of buying a home is that you can deduct the mortgage interest you are paying on your loan. Since the inception of the income tax in 1913, the mortgage tax deduction is still one of the most popular deductions for homeowners. Generally, all mortgage interest can be deducted from your federal … Read moreHome Mortgage Interest Deduction: How It Works and the Big Myth

5 Guidelines for Deducting Entertainment Expenses from Your Small Business

5 Guidelines for Deducting Entertainment Expenses from Your Small Business 24

It can be tempting to chalk up all your entertainment expenses as business expenditures but you must resist the temptation or face the music from the IRS. Small business expenses do have rules and if you break them, you could find yourself in tax trouble. Entertainment expenses including those for meals out are sometimes the … Read more5 Guidelines for Deducting Entertainment Expenses from Your Small Business