Author: taxsecretsblog

At its most straightforward, the Work Opportunity Tax Credit is available at the federal level to businesses that go out of their way to hire people from a targeted group that has historically had difficulty finding gainful employment. The theory is to encourage business owners

Article Highlights: Household Employees Tax Avoidance Form 1099-K Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that

If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the tax code’s exclusion for home gains

Article Highlights: Employee Compensation Self-Employment Compensation Parsonage Allowance Primary Residence Fair-Market-Value Limitation Designation by the Employing Organization Business Expenses and Excluded Income Retirement Vows of Poverty Self-Employment Tax Exemption Members of the clergy are taxed on not just their salary but on other fees and

Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing

Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up

When starting a business, many entrepreneurs choose to incorporate in Delaware for a wide range of different reasons. Chief among them are the tax-related benefits, like the fact that if you're registered in the state but don't do business there, you don't have to deal

Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit  Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements

You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there are a myriad of different reasons why you may have fallen behind.