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Tax Information
When to use Standard or Itemized Deductions |
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What is a party-goer favorite opening line when trying to get to know someone?
Answer: 'Hey, did you use itemized deductions on your tax return?'
Ok, maybe that line might not work but at least you tried! Seriously, learning the basics about standard and itemized deductions could have a major impact on your income tax return. |
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Tax Information
Junior, You're Hired |
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Did you know there are tax advantages associated with hiring your children? Salaries paid to your children under 18 are not subject to the social security tax, or FUTA (up to age 21) when employed in a parent's sole proprietorship. Fringe benefits are also available to the child. It's very important to remember wages must be reasonable and you have to prove your child actually worked. For example, don't say your 3-year old lifted inventory in your factory! |
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Tax Information
Hobbies: More Than Fun |
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You have no doubt picked your hobbies for the pleasure they bring - but they’ll be even more enjoyable if you use them to cut your taxes. Even casual hobbies can provide tax savings. |
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