Search Results for: TAX CREDIT

What people need to know when starting a business

What people need to know when starting a business

The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structure The form of business determines which…

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E-file Form 8300: Reporting of large cash transactions

Who must file Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Although many cash transactions are legitimate, the information on the form can help law enforcement combat money laundering, tax evasion, drug dealing, terrorist…

Married Couples in Business

Married Couples in Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a business as a married couple. How spouses earn Social Security benefits A spouse is…

Educator Expense Deduction helps teachers cut classroom costs

Educator Expense Deduction helps teachers cut classroom costs

Teachers often buy classroom supplies with their own money. The Educator Expense Deduction helps them get some of that money back. Eligible teachers and administrators can deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren’t reimbursed by their employer, a grant…

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Small Business Workshop Opportunities in Pennsylvania

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…

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Business travelers should check out these deductions before hitting the road

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…

There’s more to determining filing status than being married or single

There’s more to determining filing status than being married or single

Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully review their options to pick the filing status that makes the most sense for them. Those who are only eligible for one filing status should be sure to review their situation after a…