PWCPA Blog
Five Home Office Deduction Mistakes
If you operate a business out of your home, you may be able to take a deduction of a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance, and cleaning costs related to the space you use. It can...
Reap the Benefits of Hiring Your Child for the Summer
Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real life experience in the workplace, and learn what to do every day. In addition, you will reap a few tax benefits in the process. Before you...
Building Customer Loyalty – A Few Basics
Building customer loyalty is a matter of focusing on the basics. Does your company need to refocus on any of them? Studies have shown that businesses often spend five to six times more to attract a new customer than to keep an existing one. Over the long term, those...
The Real Definition of ‘Dependent’ May Surprise You.
Many people think of a ‘dependent’ as a minor child who lives with you. This is true, but it’s important to remember that dependents can include, parents, other relatives and non-relatives, and even children who don’t live with you. Exemptions and your taxable income....
Tax Bracket, Tax Rate, What’s the Difference?
The difference between your tax bracket and your tax rate is more than a trick question. For example, knowing your tax rate gives you an accurate reflection of your tax liability in relation to your total income. Knowing your tax bracket is useful for planning...
Start Smart: Five Items to Focus on When Starting a New Business.
Are you starting a new business in the New Year? Put these items on your to-do list for your smart start. Business plan. Outline who will own the business and what the legal form will be, your qualifications to run the business, the competitive market you face, the...
Avoiding Hiring Mistakes in Your Start-Up
Hiring mistakes in any type of business or company can lead to more than just lost profit and time. But staffing errors can spell disaster for your start-up. Here are three to watch out for. 1. Staffing the firm with friends and family. While this strategy may work in...
Go into Business with your Spouse and Succeed
Starting and running a business is rarely a safe or simple process, and doing so with one’s spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here are some of the questions you...
Grandparents Can Help With College Costs
Are you a grandparent who wants to help pay for a grandchild’s college education? You’ll find several ways to do this, each with its own limitations and tax consequences. GIFTS. The simplest way is to make an outright cash gift to your grandchild each year. In 2014,...