Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee’s Withholding Certificate. This form tells employers how much money to withhold from the employee’s pay for federal income tax. It’s important for employees…
Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership and use To claim the exclusion, the taxpayer must meet ownership and use tests. During…
SCORE Small Business Workshops In addition to free face-to-face counseling, SCORE can recommend low-cost workshops and seminars for both start-up and in-business entrepreneurs. Workshops are at other area SCORE offices as well as other resource partners. Training topics range from writing a business plan to e-commerce to marketing, depending on the current needs of our…
Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Internal Revenue Code (IRC) 45W. The credit equals the lesser of: 15% of your basis in the vehicle (30% if the vehicle is not powered by gas or diesel) The incremental…
Many people travel for their job — some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax deductions for business travel Business travel deductions are available for certain people who travel away from…
By Emily Heaslip There’s a common misconception that the IRS research and development (R&D) tax credit is only available to researchers and scientists. In reality, this tax credit offers a great opportunity for small businesses to reduce their tax liability. What is the R&D tax credit? The research and development tax credit was originally established…
Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable. A list is available in Publication 525,…
Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers to employment: People who receive: Long-term family assistance Long-term unemployment Supplemental Nutrition Assistance…
In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS Gig Economy Tax Center provides information and resources to help this group of entrepreneurs…
Tax credits are the hidden treasures of the tax world. They automatically reduce the amount of tax you owe, resulting in a dollar-for-dollar reduction in your tax liability. For instance, a $2,000 tax credit lowers your overall tax liability by $2,000, as opposed to tax deductions, which reduce the portion of your income that is…
