Tag: taxes

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 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 […]

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 […]

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 […]

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 […]

Free Resources to Help Hispanic Entrepreneurs Overcome Most Common Challenges

Ed note: All entrepreneurs and new business people encounter challenges and need to learn new skills to get their business of the ground. But Letty Rodriguez has discovered that Hispanic entrepreneurs encounter some unique obstacles. The good news is that she has some great suggestions to overcome them. Leer en español. In 2010, the US Census […]

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 […]

Tax Questions, Answered: Child and Dependent Care Credit

Ed note: Kids – as much as you love them! – are expensive little creatures. Fortunately, the tax code has some nice credits you can take advantage of. However, you must be careful in your calculators. The Tax Institute breaks down one common scenario. Question I will pay $12,000 in day care expenses this year. […]

Health Care Q&A: Who has to have health insurance coverage?

We continue our series on the Affordable Care Act and how it affects you. See all of our Health Care posts for more information.   Who is required to have health insurance?           Probably you. Starting in 2014, most U.S. citizens and residents have to get health insurance to avoid a […]

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 […]