Financial Operations Insights, Templates, and Best Practices
Employing Your Children: Benefits and Tax Breaks
Empower children by hiring for tax benefits as they gain work experience. Learn to save for their future while they work.
What Medical Expenses are Tax Deductible?
Medical bills can add up quickly. If you have high medical or dental expenses for yourself, your spouse, or a dependent, you may be able to deduct them from your income tax if they meet certain criteria.
Does My Child Need to File a Tax Return?
If your dependent child has earned income, you may wonder if they need to file a tax return. If they are receiving W-2s in their name, it’s reasonable to think they might. However, it depends on their age, how much they earn, and other factors.
Shielding Yourself from IRS Penalties
As a CPA or tax advisor, the last thing you want is for your clients to overpay taxes. But you also don’t want them to underpay and have to deal with penalties. While you might not be able to help your clients avoid penalties completely and forever, you can educate yourself about the potential penalties so you can inform your clients of the risk. Avoidance is always preferable to learning the hard way.
How to Make Your Child a Millionaire
Like all parents, you want your child to prosper. Many of us are committed to providing our kids with advantages we did not have and ensuring they never have to worry about money. Establishing savings funds for your child is an excellent way to do it. If you invest wisely, those accounts have the potential to build a legacy that will ensure their financial security. Can you make your child a millionaire? Absolutely! Today, we’ll share some ideas and tips on how to save and invest in your children’s future.
Does the IRS Check Your Bank Account?
Can the IRS access your bank account? In the past, they didn’t unless the taxpayer was being audited. However, due to policy changes during the Biden administration, the IRS now has access to bank records without having to notify the taxpayer.
Can I Take the Home Office Deduction?
If you’ve recently started working from home or are running your business from a home office, you might wonder how that translates into income tax deductions. Though wage-collecting individuals are not entitled to write off home office expenses, self-employed workers, freelancers, independent contractors, and small business owners can.
What You Need to Know About the Child Tax Credit
Tax credits can take a big bite out of your income tax burden. Claiming the child tax credit can lower your taxable income and may even qualify you for a refund.
Should You Purchase or Lease a New Business Vehicle?
When it comes time to get a new business vehicle, you might wonder whether it’s more advantageous to lease or purchase. Unfortunately, the answer isn’t always cut-and-dried. Every business has unique vehicle-use needs, but we can offer some considerations that might help you make the right choice.
How Far Back Can the IRS Go to Audit My Return?
Not all audits are disastrous. But what about previous years? How far back can the IRS go? Is there a statute of limitations on taxes when it comes to audits? Technically, the IRS has three years after the filing deadline to start an inquiry for a specific year. However, some exceptions may extend their reach to six years or even longer.
