TaxTip

Pointers, prep tips and analysis from the experts who do this every day.

advice
Nov 27th, 2014

5 Tips for Surviving Working in a Business with Friends or Family

Ed note: When you’re getting started in business, your friends and family members are some of your earliest supporters, maybe emotionally but often materially in helping you run the business. Whether you have a formal partnership or are just feeling out new boundaries by being in business for yourself, contributor Ryan Guina has some useful […]

black friday
Nov 26th, 2014

The Savvy Shopper’s Survival Guide for Black Friday and Cyber Monday

Ed note: Ready, set, SHOP! OK. Maybe let’s not get quite that carried away. Instead of rushing out to buy ALL THE THINGS this Black Friday or Cyber Monday like a maniac, Kristl Story is here to advocate for some advance planning. The idea is to avoid blowing your budget, but it may be a […]

Audit
Nov 24th, 2014

5 Small Business Tax Myths

Ed note: There are a few pervasive myths around taxes if you work for yourself or have a side business. Namely, supposed deductions that can’t actually be deducted. Don’t get caught making one of these mistakes next year! Leer en español. 1. Personal Care and Clothing Expenses as Deductions No matter how polished and well […]

Adoption
Nov 21st, 2014

Adoption in the U.S., At A Glance [INFOGRAPHIC]

November is National Adoption Month in the United States. In light of that, we wanted to focus on some of the most important issues for (potential) new parents. Namely, what kind of adoptions exist, how long it can take to adopt and what an adoption costs. Also, there is a tax credit that some new […]

Audit
Nov 20th, 2014

Five Important Tax Implications of Starting Your Own Business

Ed note: There’s a perception that owning your own business means you get all kinds of tax write-offs. To be sure, there are some tax benefits that are available to you. However, there are also a number of new tax complexities that you must account for. We detail a few of the most important changes […]

advice
Nov 19th, 2014

Tax Rules for Sole-Proprietors with Employees

Ed note: FICA, FUTA, FIT. No, that isn’t the start of some wacky Dr. Seuss book. It’s just a few of the alphabet soup of taxes that you will need to know once you bring on employees. Lucky for you, our Tax Institute small business expert Mike Slack is here to help out. Hiring employees […]