Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider. Tip Category: Planning While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of …
Month: September 2023
Understanding Tax Terms: Depreciation Recapture
Here's an area of the tax code that surprises many with a larger tax bill. Tip Category: Miscellaneous One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation …
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Deduct Business Meals the Right Way
Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two. Tip Category: Miscellaneous Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct …
Reminder: Third Quarter Estimated Taxes Due
Now is the time to make your estimated tax payment Tip Category: Planning If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Friday, Sept. 15, 2023 You are …
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Understanding Tax Terms: Unearned Income
Not all income is the same in the eyes of the tax code Tip Category: Your Income The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term unearned income. Unearned income is often defined as anything that is not earned income. If you …
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