Bookkeeping News & Tips

All in The Family: Tax Deduction for Hiring Your Kids

Its summer and kids everywhere are looking for jobs to fund their beach escapades, but do not hire someone else’s kid, hire your own. You can save big bucks by employing your child for the summer months. If you are running a small business as a sole proprietorship or a husband and wife owned business you may deduct the wages paid to your child from your taxes this upcoming year. [More]

Employers Hiring Veterans by End Of 2012 May Get Expanded Tax Credit

Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if veterans begins work before the January 1, 2013. Here are six key facts about the WOTC as expanded by VOW to Hire Heroes Act of 2011.

IRS Announces Qualified Disaster Treatment of Payments to Victims of Hurricane Sandy

On November 7, 2012, the IRS announced to employers and other taxpayers that because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income.

What To Do If Your Small Business Was Affected By Sandy

 Along the East Coast, small businesses are trying to get back up and running after the super-storm Sandy hit earlier this week. For those who are faced with physical damage to their business and profit losses, the road to getting their business back to normal can be difficult. Below we discuss... [More]