401 K is one of the most popular retirement savings option available for employees. Using a 401 K plan can help speed up building your retirement nest egg. In order to take advantage of this program, it is best to review your contributions before the end of the financial year and rebalance it if youRead more about 401 K 2018 Tax Tips[…]
This is one of our most frequently asked questions from our business customers. Holiday time is the best time of the year to meet with your customers and spread the holiday cheer. Even better, if you can deduct those expenses as a tax deduction. As per the new 2018 Tax Cuts and Job Act (TCJA),Read more about Are office holiday parties tax deductible?[…]
As a small business owner, you may be using part of your house as a home office. You may be eligible to claim part of your home as a home office if certain requirements are met. A home office qualifies as a principal place of business if most of the income-earning activities occur at yourRead more about Here’s how you can claim home office deductions on your tax returns…..[…]
Did you pay for student loans in 2018 and trying to understand the tax deductions for 2018? The tax deductions for students in 2018 will be for a maximum amount of $2,500. The following are the key points to note to deduct student loan interest. Eligible expenses are tuition, fees, room and board, books andRead more about How to deduct for student loan interest in 2018?[…]
Whether you are resident or non-resident, at some point in your career you may require to withdraw from your 401k account for various personal financial needs. One of the questions, you may be trying to understand would be to find out how much penalties/taxes you would be paying as part of your 401k withdrawals. AccordingRead more about How 401k withdrawals are taxed for residents and non-residents?[…]
As a self-employed business owner, you may occasionally be taking help from your children in your business. On many occasions, it may be part-time work. There are many tax benefits of employing your children in the business. Below is a quick summary : From a business perspective : The wages that are paid to yourRead more about Here’s why it is tax smart to hire your children in business…[…]
A smart tax saving strategy is to always buy something outside the regular passenger auto classification. Heavy trucks, SUVs and vans are eligible for higher depreciation in 2018. The maximum depreciation exclusion for heavy SUV s under the section 179 depreciation is $25,000 Under the new Tax Cuts and Jobs Act, to qualifyRead more about How heavy SUVs, pickup trucks can be big tax-savers for the self-employed ?[…]
Did you sell your personal residence this year ? Did you repurchase/upgrade to a newer home? If yes, then the below article provides useful information to keep in mind regarding tax benefits. Consult a tax professional for more information. As per the IRC Section 121 home sale gain exclusion rules, married couples can excludeRead more about How to maximize tax benefits for sale of personal residence?[…]
With the 2018 changes in the tax law, there are many tax saving opportunities for your business and family. We define tax planning under three key steps : Identifying key areas or Diagnostic test: This step is the process of identifying areas/ sources of income that may require you to pay the highest amount ofRead more about Benefits of tax planning[…]
Employee vs Contractor – which is the right classification? As a business owner, you may be managing a few special projects that may require hiring an expert. Many situations, employers classify contractors as employees and vice versa without understanding the primary criteria that the Internal revenue service uses to distinguish employees vs independent contractors. So,Read more about Employee vs Contractor – which is the right classification?[…]
