Month: June 2017

Archive for June 2017

Preserve Charitable Deduction for Health of Delaware Nonprofit Sector

By: Pete Kennedy Let’s all first acknowledge that there are no easy ways to solve a $400+ million budget hole.  I think no one envies the General Assembly and their task over the next few days. I’ll echo Clubber Lang’s famous quote from Rocky III in my prediction of the outcome: “Pain!” One proposal gathering steam in…

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Tips on Tips: Are your Tips Taxable?

Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income. Here are some tips about tips: Tips are taxable. Tips are subject to federal income and Social Security and Medicare…

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Tax Tips for the Sharing Economy

Those who use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services may be part of what is called the sharing economy. Here are several key points you should know about the sharing economy: Taxes. Sharing economy activity is generally taxable. It…

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Three Things to Know before Starting a Business

Starting a new business is an exciting but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running.…

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Tax Planning for Small Business Owners

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability Many small business owners ignore tax planning and don’t even think about their taxes until it’s time to meet with their accountants once a year. But…

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Word Count

A shortened version of this article, written by Peter Kennedy, Director,  can be found in May 30th edition of The Delaware Business Times I get 500 words to write these articles and so I have to hand it to President Trump, he managed to issue his statement on tax reform using only 229.  The brevity…

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