You may be ABLE to save for a disabled family member with a tax-advantaged account There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience […]
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Small businesses: Get ready for your 1099-MISC reporting requirements
Small businesses: Get ready for your 1099-MISC reporting requirements A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with […]
Using your 401(k) plan to save this year and next
Using your 401(k) plan to save this year and next You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, […]
The tax implications if your business engages in environmental cleanup
The tax implications if your business engages in environmental cleanup If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the […]
What is your taxpayer filing status?
What is your taxpayer filing status? For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether […]
2 valuable year-end tax-saving tools for your business
2 valuable year-end tax-saving tools for your business At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, […]
