- Deducting Startup Costs for Your New Business at Tax Time
- Before you earn your first dollar, before you are even open for business, your startup can incur considerable expenses. The money you spend opening your business can often be deducted; the IRS allows you to deduct many of these one-time startup costs. Speaking with an accountant in the early stages can help you decide which of these deductions to take – and may also help you discover additional ways to save money as you operate your new startup. There are several types of startup costs that may be deductible for your new business.
- Must I, or Should I, File a Tax Return?
- This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals' BENEFIT to file a return even if they are not required to file.
- Can You Deduct Employee Expenses?
- If you are an employee, you may be curious about which expenses relating to your employment are deductible on your tax return. This is a complicated area of tax law, and many expenses are deductible only if the expense is a “condition of employment” or is for the “convenience of the employer,” two phrases that are effectively the same.
- Clock is Ticking for Retirement Plan Contributions
- Did you know that you can make tax-deductible retirement savings contributions after the close of the tax year? Well, you can, and with the April tax deadline looming, the window of opportunity to maximize retirement and other special-purpose plan contributions for 2015 is closing. Many of those contributions not only build the retirement nest egg but also deliver tax deductions for the 2015 tax return. Let's take a look at some of the ways a taxpayer can benefit.
- Minimizing Tax on Social Security Benefits
- Whether your Social Security benefits are taxable (and, if so, how much of them are) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
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