Tax Strategies
2 tax benefits self-employed professionals should know about
Undoubtedly the two biggest benefits of having an employer are health insurance and retirement plans, right? Wrong. Both of these pricey items are covered when…
Tax Credit vs Deduction
Use Tax Breaks to Lower Your IRS Bill As you probably know, tax credits and tax deductions can help reduce your overall income tax liability.…
Temporary employee and independent contractor tax issues
How do temp employees file their taxes, and how do you know when you are an independent contractor? The economy might be improving, but…
IRS record-keeping rule: What receipts to save in substantiating charitable donations
A fairly recent record-keeping rule has been a surprise for many audited taxpayers. The IRS has tightened up a number of taxpayer loopholes in the…
Take advantage of tax deductions for business travel and entertainment
When entertaining clients or traveling on business, you may be eligible for Federal income tax deductions on a portion of your expenses that are not…
How to estimate where you stand on income tax withholding
You do not want to use the IRS like a bank account. Believe me, the money withheld from your paycheck would be better spent elsewhere…
Why is my SECA Tax more than my friend’s FICA Tax?
What is SECA, why I pay more for Social Security, and how is that even fair You may have noticed the remarkably high self-employment…
Who does the IRS trust, and are you on the list?
Using IRS data on tax filings and audits in 2012, I look at what types of businesses, tax forms, and income levels are at the…
