2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

If you have children under the age of 18 and you ﬁle your business tax return as a proprietorship or partnership, you can ﬁnd big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, too. In this article, you will ﬁnd ﬁve year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on Your Payroll Did your children under age 18 help you in your ...

Don’t Rob Yourself of the Home Internet Deduction

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Given the connected nature of remote work these days, you likely use your home internet to do a little or a lot of work. In this article, you will learn how to deduct the cost of your home internet. The rules that apply to the home internet also apply to all the other expenses incurred while working at home, regardless of whether you claim the Home-Ofﬁce Deduction. Deduction on Schedule C If you operate your business as a sole proprietorship or as a single-member LLC, you ﬁle a Schedule C to report your ...

IRAs for Kids

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Working at a young age in the United States is an American tradition. I did it... I worked at my Father's Construction Business at an early age that taught me a lot of lessons along the way. What isn’t so traditional is the notion of your child contributing to their own IRA, especially a Roth IRA. But it should be a tradition because it’s a really good idea. Here’s what you need to know about IRAs for your child. Let’s start with the Roth IRA option. Roth IRA Contribution Basics The only Federal-Income-Ta...

Amplified: 10 Tax Strategies for S Corporations: What, How, Where

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Question In last week's article "10 Tax Strategies for Schedule C Taxpayers: What, How, and Where", you discovered 10 Tax-Saving Strategies for Schedule C taxpayers, and you also know exactly where on and in the tax return you should record these tax breaks. Do you have a similar resource for S Corporation Tax Strategies? Answer We do now, thanks to your question. In our new PDF titled “10 Tax Strategies for S Corporations: The What, How, and Where”, we provide you with 10 tax-saving strategies that will ...

10 Tax Strategies for Schedule C Taxpayers: What, How, and Where

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo At Morris + D'Angelo, we pride ourselves on providing you not only with information on what Tax-Saving Strategies to use but also with the knowledge and experience on how to implement these Tax-Saving Strategies. With the resources in this article, we go one step further—we show you where in the tax return you should record these tax breaks (Website download). In this article titled “10 Tax Strategies for Schedule C Taxpayers: What, How, and Where”, we provide you with 10 Tax-Saving Strategies that put money in ...

2021 Last-Minute Year-End General Business Income Tax Deductions

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo The purpose of this article is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. This article gives you six powerful business tax deduction strategies that you can easily understand and implement before the end of 2021. 1. Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations ...

Self-Employed During the Pandemic? Uncle Sam Didn’t Forget About You

In the past, Uncle Sam made no special effort to help you as a self-employed individual. For example, you had no “safety net” that existed for employees who lost their jobs during the COVID-19 Pandemic. You were just supposed to "Hang On" until things got better. But this time, with COVID-19, it’s different... If you report your business income as Self-Employed on Schedule C of your Form 1040 or any of the following: Receive 1099 income Operate your business as a single-member LLC and did not elect corporate status Operate a retail establishment or professional practice as a sole proprietor, or Report your W-2 income on a ...