Losses can be hard to take – so if you think your S corporation will show a loss for 2013, now’s the time to plan to make sure you’ll get the full tax benefit. The Problem. The amount of the business loss you can deduct on your individual income tax return is limited...
You only have to examine your paycheck to realize that certain income is tax-free. For example, health insurance premiums paid by your employer are generally not included in your income. Do you know the tax status of other types of income? Here’s a quiz to test your...
Whether you’re a stock market bull or bear, you have investment expenses – and you may be wondering if they’re deductible on your federal income tax return. Here’s a quick review. What are investment expenses? Investment expenses are amounts you pay to produce or...
Planning to change employers this year? As you look forward to starting your new job, you’re probably not thinking about taxes. But actions you take now can have an impact next April – and beyond. Here are three tax-smart tips: Roll your retirement plan. You may be...
With the school year over, your teenager might be taking a summer job. If so, you both may have questions about taxes. Here are some of the common concerns. If your child chooses a typical wage-paying job, he or she will soon be confronted with the task of calculating...
Here are the rules to help keep you from becoming a credit card victim. Credit cards should be a convenience for payment, not a source of credit. This requires that the entire balance due on the card be paid each month. If the entire balance is not paid on any month,...
