Hire your children as employees to save tax!

Hire your children as employees to save tax! Tax benefits of Hiring your Kids to work for your Business: If you hire your children, you can deduct the salaries you pay them. If your child is under 18, you don’t even need to pay Payroll taxes - that is payments such as FUTA and FICA [...]

2018-11-16T13:17:03+00:00 November 13, 2018|Deduction & Credits, Uncategorized|0 Comments

Do you know? you can claim up-to $5000 for child and dependent care benefits!

Do you know? you can claim up-to $5000 for child and dependent care benefits! A child and dependent care benefit is available if the taxpayer requires care for a child or disabled dependent in order to be gainfully employed. The credit percentage is between 20% and 35% depending on the AGI of the taxpayer. For [...]

2018-11-16T13:21:45+00:00 November 13, 2018|Deduction & Credits|0 Comments

You can save $1,000 if you have children below 17.

You can save $1,000 if you have children below 17. The Child tax credit is $1,000 < 17 years old at year end. The Child credit is also a refundable credit (known as the "additional child tax credit") for certain low-income taxpayers with one or more qualifying children when the taxpayer is not able to [...]

2018-11-16T13:22:11+00:00 November 13, 2018|Blog, Deduction & Credits|0 Comments

Owe Taxes? These Tips Can Help

Owe Taxes? These Tips Can Help A few of us receive an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep. Do [...]

2018-07-17T23:35:23+00:00 April 11, 2018|Deduction & Credits|0 Comments

Un-reimbursed Employee Business Expenses

Un-reimbursed Employee Business Expenses Paying more taxes is something that not many of us are fond of. If one pays close attention, there are a lot of ways by which you can reduce your tax liability. And yes, these are all legal ways which the IRS has outlined. For individuals who end up spending some [...]

2018-07-17T23:35:24+00:00 March 23, 2018|Deduction & Credits|0 Comments

American Opportunity Tax Credit

American Opportunity Tax Credit Tax credit systems are in place to let tax payers deduct a certain amount from their tax liability to the state or federal government based on different programs. One such initiative is the American Opportunity Tax Credit, or commonly known as AOTC. This tax credit system is designed specifically for college [...]

2018-07-17T23:35:24+00:00 March 20, 2018|Deduction & Credits|0 Comments

Medical & dental expenses, Medicare premiums in My Taxes

Medical & Dental Expenses, Medicare Premiums in My Taxes Well, it would be a bit of a stretch to say that most of us don’t want to pay taxes. However, who wouldn’t take a tax deduction if it is available? For all those individuals who are looking out for different ways by which they can [...]

2018-07-17T23:35:24+00:00 March 13, 2018|Deduction & Credits|0 Comments

Tax Saving Tips for Contractual and Project Based Employees

Tax Saving Tips for Contractual and Project Based Employees Being a contractual or project based employee has quite a few benefits when it comes to taxes. For an instance, you are eligible for a few tax deductions without even having to itemize the same. The following are some great ways of saving money on tax [...]

2018-07-17T23:35:24+00:00 March 3, 2018|Deduction & Credits, Tax Planning|0 Comments

Big Savings on Tax for Newly Married Couples

Big Savings on Tax for Newly Married Couples Of the several advantages of being married to someone, the least expected one comes in the form of tax deductions. Post marriage, if you file your taxes jointly, you can cut down on tax liability by a decent enough margins. You can avoid certain types of penalties, [...]

2018-07-17T23:35:24+00:00 February 28, 2018|Deduction & Credits, Tax Planning|0 Comments

All you need to know about College Savings Accounts (529 Plans)

College Savings Accounts (529 plans) Given the constant increase in costs of education, it is imperative that you start saving for the same early. 529 saving plan has been in effect for more than a couple of decades and does a fine of a job providing security against the rising costs while providing tax benefit [...]

2018-07-17T23:35:25+00:00 February 20, 2018|Deduction & Credits, Tax Planning|0 Comments