- Hiring An Independent Contractor? How QuickBooks Online Can Help
- Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors.
- What Makes a Business Sustainable?
- Understanding how to build a sustainable business might be the difference between success and failure.
- Highlights of College Savings Plans (Sec 529 Plans)
- The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to save money for an individual’s future college tuition and fees. There is no federal tax deduction for making contributions. But the tax benefit of these plans is that the earnings within the plan accumulate tax-deferred and then are tax-free when withdrawn if used for college tuition and related qualified expenses. Let’s take a simplified example.
- Congratulations, You Just Sold Your Business: What Happens Next?
- By far, the most important step that you can take in terms of selling your business actually occurs before the sale even happens: planning ahead. Learn more.
- Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
- Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them, and there are distinct types of deductions and categories of credits. This article explains these terms. In general, a deduction reduces taxable income, whereas a credit reduces the tax itself.
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