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You may be liable for “nanny tax” for all types of domestic workers

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes....
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Year-end giving to charity or loved ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the...
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Investing in the future with a 529 education plan

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529...
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Plan now to make tax-smart year-end gifts to loved ones

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the...
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Inflation Reduction Act Doubles R&D Credit Payroll Tax Offset for Qualified Small Businesses

The Inflation Reduction Act (H.R. 5376), which President Biden signed into law on August 16, 2022, doubles the federal research and development (R&D) credit payroll tax offset for qualified small businesses. Under prior law, small business startups were permitted to use their qualified R&D...
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2022 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t...
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Home sweet home: Do you qualify for office deductions?

Home sweet home: Do you qualify for office deductions? If you’re a business owner working from home or an entrepreneur with a home-based side gig, you...
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The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take...
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Is it a good time for a Roth conversion?

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline...
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The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out...
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