Dealing with taxes is a pain for any business owner. On top of the day-to-day running of your business, you need to track income and expenses, pay quarterly estimates, and drop everything to prepare your return when tax season rolls around. As if that weren't bad enough, there's the looming threat of learning the IRS selected your return for an audit.
Tuition costs are high, and increases seem inevitable, but there are ways to alleviate the financial burden. The federal tax code currently offers several tax credits and deductions that can help you recoup some of that cash at tax time.
Do you have a talent that provides value to others? If so, you may have considered turning that skill into a money-making venture. But would that venture be a hobby or a business? For tax purposes, the distinction matters.
When you file your Form 1040, U.S. Individual Tax Return, you have the option of itemizing deductions or taking the standard deduction—an amount predetermined by the IRS, based on your filing status. Typically, if your total itemized deductions are greater than the standard deduction available for your filing status, you’ll opt to itemize.
If you work in the United States, you’re probably paying Social Security tax. Everyone pays the same Social Security tax rate regardless of earnings, but the Social Security wage base helps determine how much of your income will be subject to the tax.
The 2019 tax season (when Americans file returns for the 2018 tax year) is the first year that many rules from the Tax Cuts and Jobs Act of 2017 take effect.
For some people, the new law simplifies tax filing. For others, things just got a lot more complicated. If you’re in the latter camp (or not sure where you stand), you may be wondering whether it’s time to hire a CPA or tax professional.
Not all states are created equal when it comes to where to start a new small business. Some states, not surprisingly, are a better fit for budding entrepreneurs than others. Now you might think that “better” means “cheaper,” or “lower taxes,” but these days that’s not all that matters for a small business.
For many homeowners, their home equity represents a significant portion of their net worth, and it’s an asset they’re willing to leverage. In June 2018, LendingTree analyzed home equity loan requests since the start of the year to find out how homeowners plan to use proceeds from home equity products. Perhaps not surprisingly, many homeowners use their home’s equity to generate more. Let’s take a look at the three ways you can tap your home’s equity and the pros and cons of each.
If you’re thinking of declaring bankruptcy or just went through the process, you may already know it will damage your credit, possibly lowering your credit score by hundreds of points, and will stay on your credit report for seven to 10 years.
The good news is that you can rebuild your credit, even while the bankruptcy is on your credit record.
Being a small business owner is all about following your dreams and calling your own shots. But it’s also about managing your money responsibly and keeping a tight grip on your finances. At this stage of your business, that may not be as complicated as running a major corporation, but there are still several financial best practices you should be aware of.
Many people dream of one day building their own home. Rather than purchasing an existing home or working with a homebuilder’s particular location, layouts and design elements, you can buy the land and personalize the home’s details from floor plan to fixtures. Of course, few people can afford to pay to build a house upfront.
Construction loans can help you finance the actual building process, but obtaining such a loan is different from applying for a regular mortgage.
Is your company struggling to attract and retain top talent? Welcome to the club. According to the July 2018 jobs report for the U.S. Department of Labor, the unemployment rate dropped to just 3.9 percent. This represents “only the eighth time that the monthly rate has fallen below 4.0 percent since 1970, and three of those months have been in 2018,” according to a blog from the DOL’s Office of Public Affairs.