Are You Eligible for the Qualified Business Income Deduction?

Many individuals who own sole proprietorships, partnerships, limited liability companies, S corporations, and certain trusts and estates may be eligible for the qualified business income (QBI) deduction. Is your childcare business one of them? In the following guide, learn what the qualified business income deduction is, whether your childcare company qualifies, and how you can claim your deduction. Read on …

What You Need to Know About the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a tax credit program initiated by the federal government through the Internal Revenue Service to increase employment opportunities for specific groups of people who might otherwise find barriers to employment. As a business owner, if you hire an employee from one of the target groups outlined by the WOTC program, you are eligible …

Childcare Taxes

Childcare Taxes: Everything You Need To Know

What Daycare Business Owners Need to Know About Taxes Running a childcare business is incredibly rewarding. Every day, you and your staff make a real difference to the parents who trust you to care for their kids. But just like any other business, you need to pay taxes. Daycare taxes work in the same way as taxes in most other …

Choosing the Best Tax Structure for a Law Firm

Attorneys have a unique set of considerations when choosing their tax structure due to their high incomes and professional regulations. State law limits the types of business entities you can select from, but you still have a number of federal tax options you can use to lower your taxes.

Beginner?s Guide to Property Tax

As Benjamin Franklin once pointed out, there are only two certainties in this world, and they are death and taxes. That hasn’t changed, and today there are many different taxes to be aware of. Property tax is one of the most common, yet the most misunderstood of all the taxes. So to help new homeowners here is our beginner?s guide …

Call Your State Taxes a Donation to Avoid Federal Tax? Not So Fast

When the Tax Cuts and Job Act limited state and local tax deductions to $10,000, people with higher state and local taxes were understandably upset at losing their deductions. Some state governments listened to their voters and tried to give them a way around the cap — allowing them to donate to specified charitable funds rather than pay taxes. These …

Pros of Tax Planning Early This Year

Even though tax season comes at the same time every year, it seems like each April millions of Americans scramble to get their taxes filed. Many people put off tax planning until late in the season, making the entire process more stressful. Planning early, however, allows you to cruise through tax season fully prepared with a lot more financial confidence …

Should You Convert Your Traditional IRA or 401(k) to a Roth IRA?

Disclosure: Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through and make a purchase. After tax reform, Roth IRAs look even better. Tax brackets are lower now, and there’s a chance they could go back up after 2025. Those are the two biggest reasons to …