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The Small Business Health Care Tax Credit is reduced if the employer had more than 10 full time equivalent employees (FTEs) for the tax year.

#business health care tax credit

Generally, taxpayers should itemize deductions if the allowable itemized deductions are greater than the standard deduction.

#standard itemized deductions

A stock option allows (but does not obligate) an employee to buy a specified number of shares of stock from a company for a specified price during a specified

#stock options #same day sales

Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In

#irs notice

You may have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income (such as wages,

#taxable #social #security #benefits

Virtual currency is not legal tender and it is not backed by a central government or bank. It is decentralized and is global. It is a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than a representation of the U.S. dollar or a foreign currency.

#vrtual #currency #cryptocurrency

Income and expenses related to short-term rental of your home, a room in your home, or a vacation home, must be reported on your tax return. Expenses may need

#short #term #rentals

You pay self-employment tax when net earnings from self-employment are $400 or more. You are self-employed if you carry on a trade or business as a sole proprietor (including farmers) or as a general partner in a partnership.

#self #employment #tax

“Kiddie Tax” is the term used for the tax on certain unearned income of children taxed at the parent’s rate instead of the child’s rate. Children typically

#kiddie #tax

A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money,

#partnership

Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records.

#recordkeeping #tax #purpose

Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as

#rental #income #expense

Assets in a custodial account belong to the minor. Any income earned in a custodial account is taxed to the minor. A custodian, usually an adult relative,

#saving #college

Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main

#principal #residence

If you were born in 1954 or earlier, you are eligible for full Social Security benefits in 2021. The following chart will guide you in determining your full

#social #security #medicare

A business plan is a written document created to detail all aspects of a business on a comprehensive level. Many banks and investors require a written

#starting #business

Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties.

#tax #solutions

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