Tax and Financial Benefits from Hiring Your Children
Hiring your child for the summer or longer can have many benefits. It provides young people with income and valuable experience in a tough job market. It can also generate tax savings for business owners. Depending on how your business is organized, you may be able to shift income into a lower tax bracket, save on Social Security taxes and start a retirement plan for the child. Here are the details.
Supreme Court Removes Double Tax for Maryland Residents
In a new case, the U.S. Supreme Court ruled that some Maryland residents have been double taxed on income earned in other states. Although the case deals only with Maryland, it is creating questions about the way some other states and localities tax their residents. This article provides details about the case, as well as the states and jurisdictions that might be affected by the ruling.
Minimizing Your Risk of Cyber Breach
Proactive business owners worry about the risk of cyber breaches. And for good reason: Securities and Exchange Commission Chair Mary Jo White just named cyber threats as the biggest systematic risk facing the financial markets and U.S. economy. Here's some advice to help businesses lower their risk of future cyber breaches.
B Corps: To Be or Not to Be?
If your company wants to be seen as a leader in corporate responsibility, consider applying to become a certified "B Corp." It's a prestigious rating awarded by B Lab, a not-for-profit organization. So far, more than 1,000 companies from 33 countries in over 60 industries have met B Lab's rigorous standards of social and environmental performance, accountability, and transparency.
Warning: Many Consumers Think Targeted Online Ads Are Creepy
Have you ever visited an e-commerce or social media site and been surprised that the ads sometimes mirror your recent Internet searches and purchases? Some online retailers data mine consumers' online research and shopping habits. Then, they customize their ads to meet consumers' potential real-time needs. But a recent study shows that this type of marketing strategy can sometimes backfire. Here's why.
Tax Deadline Reminder: FBARs Due by June 30
June 30, 2015, is the deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) if you meet certain requirements. Failing to comply can result in penalties under the Bank Secrecy Act. Here are the details, as well as recent recommendations by the National Taxpayer Advocate for simplified reporting of foreign accounts.
Do You Keep Adequate Records for Charitable Contributions?
Charitable contributions of used property provide more than the satisfaction of de-cluttering your home and the warm feeling that accompanies giving to a worthy cause. They can also lower your tax bill, if you follow the strict substantiation rules set forth by the IRS. A recent U.S. Tax Court cases shows how failure to retain detailed records for donations can be a costly mistake.
Test Your Small Business Finance IQ
The federal government has named April "National Financial Capability Month" in an effort to make Americans more financially literate. Although 40 percent of U.S. small business owners consider themselves to be financially illiterate, 81 percent still handle their own business finances, according to a 2014 Intuit study. Test your financial literacy with this nine-question quiz -- some of the answers might surprise you.