Tax Tips for the Self-Employed

Archive for April 2016

Tax Tips for the Self-Employed

If you normally carry on a trade or business as either a sole proprietor or an independent contractor, you are self-employed for income tax purposes. If this applies to you, here are six important tax tips you should know: Self-Employment Income. Self-employment income includes income you received for part-time work in cases in which you are…

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Ten Facts About Capital Gains and Losses

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings, and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price…

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Parents: Don't Miss Out on These Tax Savers

If you have children, you may be able to reduce the amount of taxes owed for the year using tax credits and deductions. Here are several tax benefits you might be able to take advantage of when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You…

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Filing Tips for 2015 Tax Returns

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline having come and gone, here is some tax advice for you. Stop Procrastinating.If you have an extension until October, resist the temptation to put off your taxes until the very last…

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What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But, as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…

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