How does having a family affect your end-of-the-year tax calculations? The answer is: It depends! Whether you’re married or divorced, have kids or are childless, or are supporting any of your relatives, here are some tax strategies to keep in mind for the coming year. If your children work for you, treat them as employees….
Section 199A Deduction Strategies to Keep in Mind
Is it time to start thinking about your Section 199A deduction? If the end of the year is approaching, the answer is yes—that’s the best way to ensure that you’re able to claim a deduction at all! If you have income that is $157,000 or more, then it’s possible to reduce or even eliminate your…
What You Need to Know About Medical and Retirement Deductions
As the end of the year gets closer, it’s time to start seriously thinking about your taxes—and that means it’s also time to think about your medical plan and your retirement account. A little preparation now can pay off in the long run! Here are some important steps you can take that will help you…
Planning Your General Business Deductions for the End of the Year
The end of the year means it’s time to make sure that your financial affairs are in good order—and that means planning your general business deductions. Fortunately, this is easier than you might imagine! Here are some smart strategies that will help you reduce your tax obligation. Pay next year’s expenses in advance. If you…