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....
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...
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...
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...
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...
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,...
