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The Work Opportunity Tax Credit offers employers a tax credit for hiring members of certain groups, including many veterans and those who have received vocational rehabilitation. The maximum credit can be as high as $9,600, depending on the employee, but it only applies to hires who begin work before January 1, 2014.   Tax credits

Recent tax laws have increased the highest income tax rate for individuals, raised the dividend income and long-term capital gains tax rates for wealthier taxpayers and made planning for the alternative minimum tax a little more complicated for some people. At the same time, those who run their own shops also had to pay a

Did you know that bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond? And that the Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over time, will tumble to $25,000 from $500,000, where it’s been for the last four years?

Did you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring items are often granted a temporary extension, but a significant number of popular “extenders” terminated at the end of 2013, including both credits and deductions. A number of credits for qualified energy

Self-employment tax is its own tax. It is a tax you will need to pay on top of any other taxes you may owe. It is the self-employed individual’s very own version of FICA tax, which is typically paid by employers and employees for Social Security and Medicare. It is due on your net earnings

As an employee, you work for a particular organization and that company has the authority to dictate what you do and the way in which you do it. As an independent contractor, the person contracting your services pays for the results of your labor only. The contracting party does not manage or direct the manner

If you have taken advantage of lower interest rates and refinanced your home, you may be able to take a tax deduction for the points paid(loan origination fees) to refinance your home loan.

If you didn’t file and are due a refund, you have a three-year statute of limitations to claim that refund. If you haven’t done your taxes for years and you know you’ll owe money, that’s a little trickier. In general, the IRS can go back three years, but they can look back at what you

Self-employment income generated through the year will definitely have tax implications for you come tax time. There are so many individual variables when determining what is owed in personal/business taxes, it is impossible to make a blanket statement. For a self-employed individual, most of the time you will be required to pay both your regular

As a sole proprietor, you can deduct anything that is used for your business. You can deduct office supplies and travel expenses. You can even deduct a portion of your rent or mortgage if you work from a home office. Basically, you can deduct any expenses necessary to generate income from your home based business.