IRS Tax Tip: Know the difference between standardized and itemized deductions
It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]
Employee or self-employed? It matters in the eyes of the tax law
Running your own business can feel like it takes more time than God created, and too often household tasks are sacrificed. Consequently, many people hire someone to help with various tasks, such as housecleaning, child care and yard work. While that may relieve the stress of completing those duties, it’s important to recognize the tax […]
Let’s Get To Work
A simple hire could prove to be complicated Do you hire helpers to care for your children or do household cleaning? What about hiring someone to maintain your lawn and garden? Do you pay them cash or “under the table?” Do you know that the IRS has rules on how much you can pay these […]