It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]
Buying a New Home? What’s Tax Deductible?
Yes, you’re taking on a big debt, but you may be eligible for income tax deductions and credits. It’s probably the biggest expense you’ll ever have in your life: the purchase of a home. Unless you were fortunate enough to be able to buy it with cash, you’ll have to put some financing together. Some […]
Tax Fraud vs. Tax Negligence: Understand the Difference
When running a small business, it is essential to understand the difference between tax fraud and tax negligence. In this article, we clarify these terms so that you can avoid unsavory business practices and stay on the right side of the law. Let’s start with some basic definitions to understand the difference between tax fraud […]
4 Tips for Saving Money on Real Estate Taxes
If you’re a real estate investor, saving money on your taxes can be just as crucial to your bottom line as the deals you make daily. While numerous tax strategies that you can implement to save on taxes exist, a few of them are more valuable than others. Here, we discuss four of the top […]
Are Trusts Just for the Ultra Wealthy?
The common perception among many is that trusts are just for the very wealthy. The reality is that even people of moderate means may find it extremely helpful to create a revocable living trust, a life insurance trust, or a special needs trust. Here are some of the circumstances when creating one of these trusts […]
How Rising Interest Rates Can Impact Investors
Like everything else in the economy, interest rates tend to move in cycles. So after several years of very low interest rates, investors shouldn’t be surprised to see a period of rising interest rates. Real Life Impacts The real-life impacts of rising interest rates on consumers are significant. While the opportunity to earn higher returns […]