Tax Breaks for Hiring Your Children in Your Family Business

With school summer break finally here and employees heading out for summer vacations, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job. Rather than helping to … Continued →

Owe Taxes and Can’t Pay?

Are you one of the unfortunate Americans that end up owing and cannot pay your tax liability? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t. So if you are unable to pay the tax you owe, … Continued →

Should You Sell or Trade a Business Vehicle?

  From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain … Continued →