Health savings accounts can be advantageous when your goal is to recruit new hires or improve existing employees’ job satisfaction. They are an incredible benefit that you can offer to people who work for you. Your employees will have...
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A 529 plan, operated by a state or educational institution, comes with tax advantages and potentially other incentives to make it easier to save for: There are two basic types of 529 plans: prepaid tuition plans and savings plans....
The number of freelancers in the U.S. is steadily rising. In 2017, there were 57.3 million freelancers. In 2023, there were 73.3 million. By 2028, Statista projects there will be 90.1 million freelancers. That is an increase of over...
Tax-loss harvesting involves selling investments that have lost value and replacing them with similar — but not identical — assets to maintain your portfolio’s balance while creating tax advantages. For example, you might sell a stock or mutual fund...
Sales taxes are levied by percentage on finished products at the point of sale, but the rules and rates can vary significantly by jurisdiction. Only four U.S. states — Delaware, New Hampshire, Montana and Oregon — have no sales...
Working for someone else will not necessarily guarantee you a retirement plan, as the financial and administrative costs of providing a retirement program can be prohibitive for smaller employers. But if you are self-employed (whether full time or part...
Before you can determine whether an individual providing services should be treated as an employee or an independent contractor, you must consider all the relevant facts regarding the degree of control you have over the worker and the amount...
Employees often engage in work-related tasks outside their regular schedules — answering client calls after hours, checking emails over the weekend or eating lunch at their desks while working. Under the Fair Labor Standards Act, these activities are considered...
During an audit, if the IRS finds no reasonable indication that you have unreported income, it won’t seek intrusive and extraneous information about your lifestyle. That may not make you less nervous about being audited, but it should reassure...
Home Improvements and Taxes: What You Can (and Can’t) Deduct For any renovation or repair to qualify for a tax deduction, the work must qualify under IRS rules as a home (or capital) improvement. Examples of projects that may...