I know we have too many problems in 2020 already, let’s focus ourselves on those “good problems”. If you think your taxable income will be too high in 2020, it’s still early to plan ahead to reduce your taxable income … Read More
tax
Tax benefits in hiring your kids to work
I have a business client who has been paying allowances to his kids in exchange for their work during the summer time for years. The business client thought it would have been incurred more tax (payroll tax and income tax) … Read More
Can S-Corporation save you tax?
If your sole proprietorship business brings you about $100,000, you may want to read this article as you may be able to save $4,000 self-employment tax annually! Sole Proprietorships As you may know Sole proprietorship is not a separate legal … Read More
Who you can claim as your dependent?
Claiming a dependent gives you a valuable tax break in dependency exemption, which works just like a tax deduction. The exemption amount for each dependent is $4,000 for year 2015. It is adjusted each year for inflation, and is also … Read More