Hiring Close to Home

High-income business owners may be realizing the impact of new tax laws as they prepare their 2014 tax returns. Those laws can be especially painful if your company is structured as an S corporation or a limited liability company (LLC), with all income reported on...

Above-The-Line Tax Deductions

Taxpayers are always sensitive to the amount of tax that they pay, but perhaps even more so at this time of year when April 15th payments have just been made.  When you are doing your tax planning for the current year, it can pay to take a close look at the...

When Workers Are Independent Contractors

As business owners know all too well, hiring an employee costs more than just paying a salary. Employers generally provide benefits to employees, which can be expensive. Moreover, employers must pay a share of Medicare, Social Security, and state unemployment taxes....

Renting Versus Buying a Home

Should you buy or rent your home? This decision can include financial as well as nonfinancial factors. Even if the nonfinancial aspects are extremely important, you should not overlook the financial side. Crucial ratio One key to choosing between buying or renting is...

Tax Free Roth IRA Conversions

Moving money from a tax deferred retirement account to a potentially tax-free Roth IRA usually will trigger income tax. That won’t always be the case, though, thanks to recent IRS announcements. Some examples show how this can work. Example 1: Nancy Martin has...