Weather like today makes me value being able to work from home. Not having to leave the house in hazardous conditions is a plus but being able to take advantage of the home office deduction on my tax return is a bonus. If you use part of your home for business, you may be able […]
Here are a few things that triggers the IRS to dig a little deeper into your returns: 1. Once you start to make over $200,000 Your audit risk goes from 1 in 100 to 1 out of every 27 returns. 2. IRS matches all W-2s 1099s so make sure you report this income. A mismatch […]
Here are some of the tax implications of hiring a nanny or sending your child to day care: 1) Day Care: You can claim the child-care tax credit if you pay for care for children younger than 13 while you work. You can count up to $3,000 in qualifying child-care expenses for one child, or […]
What savings vehicles are best? Savings Account: Monthly deposits of $100 for 21 years with an interest rate of 0.48% compounded annually you would have a final savings balance of $26,506.42. This is clearly not outpacing inflation with its current average of 3.22% 529 Plan: Money put in grows tax deferred as long as it’s […]