Rules To Know When Working With A Spouse, Parent, Or Child We are closing out October’s National Work and Family Month with an article about the tax implications of hiring family members in a family-owned business. One of the advantages of someone running their own business is hiring family members. But when including family members… Read More

In Some Cases, Caregivers Are Not Employees For the month of October, the IRS ran a series of articles highlighting paid family and medical leave as well as other related topics to celebrate National Work and Family Month. We decided to take a different approach and write about tax situations that may arise when hiring… Read More

Navigating Work-Life Balance Families often hire individuals to care for children and dependents in their home so the family members can work or actively look for work. These individuals include babysitters, caretakers, health aides, nannies, private nurses, and au pairs. As employers, family members have additional tax responsibilities for their household employees. Social Security And… Read More

A balance sheet is an important financial statement for every business Understanding what goes into a balance sheet and what it can tell you about your business is essential for success. Here Are Five Things You Should Know About Your Balance Sheet: 1. What A Balance Sheet Is All About A balance sheet is a… Read More

Taxpayers Should Beware Of A Property Lien Scam It seems we are writing way too often about scams. Unfortunately, when one scam gets shut down a new one soon pops up. So when the criminals stop scamming, we’ll stop writing about scams. Last year, the Federal Trade Commission reported that 3 million consumers reported fraud.… Read More

The IRS Has Finalized A Safe Harbor To Allow Rental Real Estate To Qualify As A Business For Qualified Business Income Deduction The Internal Revenue Service has issued a new Revenue Procedure that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for… Read More

What Is A Micro-Captive Insurance Scheme? Chances are unless your business is involved with “captive” insurance, you may have never heard of it. But just in case the situation ever arises, there are a few things you should know. Here Is A General Overview Tax law generally allows businesses to create “captive” insurance companies to… Read More

You may be eligible for these tax credits if you, your spouse or your dependents take post-high school coursework With school back in session, parents and students should look into tax credits that can help with the cost of higher education. These credits may reduce the amount of tax you owe on your tax return.… Read More

The Employer Credit for Family and Medical Leave may reduce the amount of taxes your business owes. Workers Who Receive Paid and Unpaid Leave According to the latest data available (March 2018) from the Bureau of Labor Statistics, 17 percent of all civilian workers had access to paid family leave, and 89 percent had access… Read More

Monday, September 2, 2019, Marks the 125th Anniversary of Labor Day. In celebration of Labor Day, many Americans will pack a picnic and head to their favorite park for a day trip. Others will pack the family vehicle and head to the beach or the mountains for one last summer blast over the holiday weekend.… Read More