2 results for tag: Gross Income


Business Gym for Your Employees, and Maybe You Too

It's no secret that you have many tax advantages when you operate your own business. For example, setting up a business gym on your business premises or in a separate building can create A tax deduction for the business, and Tax-free benefits for the employees—and possibly for you too. But you need to pick the right tax code section along with the right IRS regulations to ensure deductions and tax-free status. The Winding Road You would think that lawmakers could give you a clear tax path to a business gym deduction. But instead, you have a winding road before you. Don’t worry! We’ll create a clear path. But first, you ...

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...