When you start working on your tax planning strategies for the past year, you’ll inevitably see the word “dependent” come up.The term may seem a little vague at first, but a dependent is simply someone who depended on you for their care and income last year. Our children are often the people who come to […]
It’s that time of year. The sun is shining, the days have gotten longer, flowers are blooming. It can only mean one thing: tax season is here. For Americans, that means you’re likely gathering up your documents including W2’s and 1099s and preparing to file. Or, if you’re an early bird, you’re patiently awaiting the […]
With the advent of apps and web services geared toward casual, amateur investors—Robinhood, Acorns, and Zacks Trade, for example—the number of people trying their hand at trading stocks is increasing daily. This can be a great way to make some money and enjoy yourself while doing it. But if you’re not prepared come tax time, […]
The average all-in cost — tuition and fees — to attend a private, four-year college in the 2018-19 academic year was $35,830, according to Business Insider. That’s enough money to make any parent anxious. Families with more than one child have to worry about the compounding cost of their children’s education. The point? All the more […]
As if getting a divorce isn’t hard enough, there are financial ramifications to consider. Who gets the house? How do you separate your finances? These issues are compounded when a couple owns a business together. A divorce can bring about all kinds of tax consequences and anyone considering ending their marriage needs to think about […]
There are many benefits to being self-employed: you’re your own boss, you get to choose your own hours, and come and go as you please. You get to choose what work you take on and kindly demure projects you’d rather not be a part of. But what you don’t get to do is have your […]
Managing or owning a vacation rental can be a great side business and lucrative enterprise. But, like anything, there are tax guidelines that need to be kept in mind when navigating the vacation rental world. In this guide, we’ll do a crash course Tax Guide 101 For Vacation Rental so you can be prepared for […]
Renting property to a loved one may seem like a no-brainer. They’re your family, of course, you want to help them find a good place to call home. Plus, you know and trust them, so surely they’ll be excellent tenants and can keep you well informed about necessary improvements or issues. What could go wrong?
Starting and running a small business doesn’t just take ingenuity, grit, and resolve. It also takes a whole lot of paperwork. From getting your Employer Identification Number, to filing your business income taxes, to everything in between, here’s a simple guide to some of the most common tax forms that small business owners should be […]
In 2020, billions of dollars in grants were issued due to the COVID-19 pandemic. If you received a government-issued grant for yourself or your business, you may be wondering if those grants are taxable. Depending on the circumstance, you may or may not have to pay taxes on them. As a general rule grants are […]
Retirement Planning For Small Business Owners and Freelancers: How Do You Choose Between a SEP IRA and a Solo 401(k)?
If you’re a small business owner, planning for retirement can get a little confusing. How do you know which retirement savings plan will work best for you? Specifically, how do you choose between the Simplified Employee Pension (SEP) IRA and a Solo 401(k)? Each has its own benefits and drawbacks, but after reading this post, […]
There are some for whom family and business go together like music and lyrics. These business owners may have been part of a family business for generations, in which the business is passed down from parent to adult child, and include that adult child’s spouse, siblings, even extended family. For others, mixing business and family […]