Monthly Archives for January 2012
2011 Planning: Maximizing Itemized Deductions
Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize Continue reading
2011 Planning: Tax Benefits of Home Ownership
Buying a home is the single most valuable investment most families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The tax law provides numerous incentives to home ownership. Continue reading
2011 Planning: Home and Domestic Service Workers
Your family may need outside assistance to provide care and supervision for your children or elderly parents while you work. Understanding the difference between an employee and an independent contractor is very important. Continue reading
2011 Planning: Independent Contractor vs. Employee
Understanding the difference between an employee and an independent contractor is very important. If you are an employer, you are required to withhold and contribute a matching amount of FICA and Medicare taxes from your employee’s income. However, if your workers are independent contractors, you are only required to report payments of $600 or more on a Form 1099-MISC (Miscellaneous Income). Failing to make the right classification could cost you money. Continue reading