TaxTip

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

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 […]

deduction
Nov 14th, 2014

How Are Direct Sellers Taxed

Ed note: Do you work at home as an independent distributor for a multilevel marketing company? If you do, you probably understood that sentence. If you’re thinking of being a direct seller of some of your favorite products – maybe it’s Origami Owl, Usborne books or It Works! – then we have some information about […]

Audit
Oct 31st, 2014

Skeletons in Your Tax Closet

Ed note: As we celebrate this scariest holiday, we have one reminder. If you have these tax skeletons in your closet, April 15 might be far more terrifying than Halloween next year. Something taxing this way comes… just in time for Halloween. These are examples of mistakes commonly made with regard to taxes. Now, most people […]

American Opportunity Credit
Oct 29th, 2014

Baby Gone Viral: Internet Fame and Its Tax Implications

Ed note: Kids are funny. Seriously funny. And they always have been! The difference these days is that their parents have video cameras in their back pockets and access to a distribution network that reaches millions of people each day (see: the Internet). The result? Viral video fame for lots of people who haven’t reached […]

baseball
Oct 25th, 2014

What a World Series Win Could Mean For A Player’s Tax Bill

Ed note: Wee are still a little World Series crazy around here, as our Kansas City Royals head into another game against the San Francisco Giants. So forgive us for getting a little ahead of things and imagining what would happen to some of our favorite players at tax time if they pull out a […]