If you are a business owner wondering whether to treat an individual working within your business as an employee or an independent contractor, here is what you should consider: 1. Does your company have the right to control what the worker does and how they do it? Are they allowed to work for
American Opportunity Credit
For 2009 and 2010 the existing Hope education credit has been modified and is now referred to as The American Opportunity Credit. This credit is designed to help students and their parents pay for the first 4 years of college. The modification to the Hope credit makes it aviailbe to a larger range
Sales Tax on New Vehicle Purchases
The American Recovery and Reinvestment Act provides for new incentives for the purchase of new cars in 2009. This applies to vehicles purchases after February 16, 2009 and before January 1, 2010. Taxpayers who qualify may deduct the sales tax (state, local, and excise) on the purchase of new cars,
Summer Day Camp and the Dependent Care Credit
For all you working parents out there - here is what you need to know about the Dependent Care Credit when it comes to Summer Day Camps. If your child is under 13 and you need to arrange for additional care for them during the summer months then summer day camps are one way to accomplish this while
A New Forum for Networking & Continuing Education
Fifty six percent of new businesses fail in the first four years. For a decade, I’ve been contacting new business and helping them avoid failure by implementing quality accounting systems and adopting a structure that will preserve cash flow for growth rather than taxes. However, this is clearly
Energy-Efficient Home Improvements
The American Recovery and Reinvetment Act put in place in 2009 gives taxpayers a new credit for energy-efficient improvements made to their homes in 2009 and 2010. A similar credit was available in 2007, but not in 2008. Home improvements qualifiying for this credit include the addition of
Wondering If You Can Take A Home Office Deduction?
If you are small business owner and use part of your home exclusively for business then you may be able to take a deduction for your home office. In order to be able to take the deduction then you must you the "home office" portion of your home: Exclusively and regularly as your principal place
Donating a Car to Charity and Getting a Tax Deduction
If you have a used car you want to donate to a charity and are wondering if you can deduct the donation on your tax return, then here are the steps you need to take. First, make sure the charity you want to donate to is a qualified organization. You will need to make sure that they are 501(c)(3)