Do you owe self-employment (SE) tax on nonwage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income from “irregular” sources. What Is SE Tax? SE tax is the way the U.S.Treasury… Continue reading

It’s hard to believe 2019 is almost over! It’s been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they’ve tended to daily business operations. But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the… Continue reading

Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run. Closeup on AGI AGI equals all taxable income items minus selected deductions for such items as deductible IRA and retirement plan contributions and alimony payments required… Continue reading

Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibility. It can also teach a valuable lesson about owing taxes. In addition to explaining why the government takes money from kids’ paychecks, parents may need to help… Continue reading

For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming, and nature offers plentiful backdrops for photos. But there’s more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues. Though finances aren’t necessarily a romantic topic, some… Continue reading

“Many families are uninformed about the cost of attending college,” claims a recent study by the National Center for Education Statistics, part of the U.S. Department of Education’s research division. Only 11% of high school freshmen could accurately estimate the cost of college tuition in their state. Of those that gave the wrong answer, 57%… Continue reading

It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider. 1. Choose to Deduct State and Local Sales Taxes  If you live in a jurisdiction with low or no personal income tax or… Continue reading

Health care costs have skyrocketed over the last few decades. Fortunately, health savings accounts (HSAs) allow qualifying individuals to pay for certain medical expenses with pretax dollars. Here is what you need to know to put an HSA to work for you. Healthy Growth Over the last decade, many people have jumped on the HSA… Continue reading