Business Resources
Payroll Taxes for Nonprofit Employees
Nonprofits may not pay Federal income tax, but they are often subject to payroll, sales, and other taxes at the state and city levels. For this article, we will be looking at payroll taxes that nonprofits may still be required to pay for having employees....
Independent Contractor Or Employee?
In order to carry out their operations, employers often have both employees and independent contractors. In small businesses, due to their size and workload, the lines may blur between how employers decide who are employees and who are independent contractors....
Travel and Transportation Business Deductions
Travel and transportation expenses related to business can be deductible, which means it can lower your business' taxable income and ultimately lower your tax bill to the IRS. However, consider these rules and your circumstances before claiming your travel and...
Entertainment, Meal, and Gift Expenses for Businesses
Entertainment, meal, and gift expenses are some of the available deductions a small business can take advantage of when filing their taxes. If you itemize enough deductions, you can potentially lower your taxable income and ultimately lower your tax bill you owe to...
Quick Guide – Deducting Business Expenses
One of the great advantages of a owning a business is being able to deduct numerous expenses for your income taxes. Advertising expenses, meals, interest expenses, and other expenses related to your business can be claimed as deductions. However, you can’t just claim...
9 General Business Tax Credits You Probably Didn’t Know
There are a plenty of business tax credits that can be utilized by small business owners in helping with their taxes. Unlike deductions that only reduce your taxable income, tax credits can directly reduce the amount that you may end up owing to the IRS.. These...
Savings and Retirement Plans for Small Businesses
So you’ve got your small business set up and have a small team of employees to support your operations and goals. However, now the question that lingers is, how do I keep them on this team? Larger companies have many perks and incentives such as retirement plans that...
Setting the Groundwork for Starting a Small Business
Ever thought about being your own boss? Want your work to attest to your own skill, rather than have middle managers to deal with? Or maybe bring people together and work for a common dream? Consider starting your own business. Establishing a business in the United...
Student Loan Interest Deduction for Individuals
Paying your student loans can help with your taxes! More specifically, paying off the student loan interest can potentially lower your tax bill. Paying off the interest accrued on your loan can be claimed as a deduction towards your adjusted gross income (AGI). Your...
Other Exemptions, Deductions and Credits for Expats
Generally, US taxpayers living abroad as Expats have access to the same exemptions, deductions, and credits like citizens living in the United States. Expats also have access to the Foreign Income Exclusion that we discussed in a previous article. However there are...
Education Tax Credits – Lifetime Learning Credit
The first part in this series covered the general advantages and rules surrounding the American Opportunity Credit. Now we will be taking a look at its related credit, the Lifetime Learning Credit. Many of the qualifications and rules are similar to the American...
How to Manage In Home Child Care Taxes
What happens when you pay for an “in home person” to provide child care tax wise? MiklosCPA was recently approached by a family who had a person come in regularly to provide “in-home” child care for their son and daughter. They were confused by all the different rules...
Things You Absolutely Need To Know For Personal Tax Return
We know that a few months may be a long time but personal tax return filing and paying taxes are due on April 15th, so it’s important to start gathering documentation and getting yourself organized. After all, you know what you accomplished and this time of year lets...
Divorce Happens – What About the House?
Divorce Tax Law and Property In this tax tip article, we look at the sale or transfer of a house due to a court ordered decree of divorce or separation instrument. The costs of selling real estate are considerable. Real estate commissions, closing costs, and fees can...
When Can I Deduct Travel Expenses?
Now, just to be clear, this isn’t about the commute going from home to work and back. However, if you have to stop by to drop off some documents for a client, or if you went to a conference, then some of that mileage may apply as a deduction part of unreimbursed...
New Job, New City – Benefit of Moving Expense Tax Deduction
Individuals can take advantage of moving expense tax deductions, however here are some of the things you may need to show: You move within one year of accepting your new job. Your new job is at least 50 miles away from your previous home than your last job was from...
Help! I Am In A Maze of Business Taxes!
As a business owner, your focus will always be to grow your business. But while you are finding these new opportunities, you are faced with a variety of challenges that can include managing your accounting and business taxes. We can relate with how frustrating this...
The Key to Running a Successful Business
As months and years pass by, your business records will help you to make vital business decisions along the way. These decisions will range from buying equipment, hiring employees, to thinking whether or not it’s time to get a bigger space. You will also want to know...
Education Tax Credits – American Opportunity Credit
Education Tax Credits Pt. 1 – American Opportunity Credit Education costs may be daunting, but there are many types of financial aid to help support expenses. For this article series, we will be highlighting two educational tax-benefits the federal government offers...
U.S. Taxes Living Abroad – Adventures and Headaches
MiklosCPA works with US Citizens and permanent residents across the globe when it comes to tax time. This is why our accounting practice is a listed expat advisor on many of the US Embassy websites abroad. More than ever, many US citizens are taking their lives, and...
What is Employer Identification Number, aka EIN?
Did you know that almost all businesses need an Federal Employer Identification Number from the IRS? An EIN identifies the tax account of corporations, partnerships, and other business entities. It is a unique piece of identification, similar to a driver’s license...
Scholarships, Grants, and Your Taxes
College has become an investment these days. Fortunately, many scholarships, grants and other financial aid are available. Additionally, your financial aid may be tax-free, depending on conditions. Students earn scholarships to help with educational costs. Researchers...
Foreign Earned Income Exclusion and Deduction
The United States may be one of a handful of countries in the world that requires its citizens living abroad to file their taxes, but the federal tax code allows some relief for Americans living and working abroad. Depending on your income and the way that income was...
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