If you hire an employee for your Schedule C business, you can qualify for several valuable tax credits. Each credit is different, and certain limitations apply to all or most employer tax credits. Remember, like we said above, tax credits…

Obtaining a tax credit is the next best thing to paying no taxes at all. The tax code contains over 30 non-refundable tax credits for businesses. These are part of the general business tax credit and are claimed on IRS…

If you are thinking of getting married or divorced, you need to consider December 31, 2021, in your tax planning. Also, do you give money to family or friends (other than your children, who are subject to the kiddie tax)?…

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2021 income taxes. The tax code contains the basic rules for this game, and once…

Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash…

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an unsatisfactory $0 for your deduction amount. We’ll review three year-end moves that (a) reduce your income taxes and (b)…

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical…

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Included below are six action steps for 2018 that…

It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic…