If you use a portion of your home to conduct self employed income, you may be eligible for the deduction for business use of your home. You can use either the simplified or actual method to claim this deduction. The deduction does not have to be an office and is available if you rent or own your home. The simplified …

The goal of most business owners is to sell their business upon retiring. There are two ways to sell a business, selling the assets or selling the stock. The way in which you sell your business can make a large impact on your tax liability. In an asset sale, the seller remains the legal owner of the entity while the …

What is gift tax, and how does it work? Are there tax consequences from receiving a gift? Recipients of gifts are not taxed. However, there are rare situations where the person giving the gift may be taxed. Taxpayers are given a gift tax exclusion of $15,000 per person per year. There is no limit on the number of individuals you …

No one wants to pay more taxes than what is required by law. There is one piece of advice that can apply to most working taxpayers, is to increase pre-tax retirement contributions. Increasing contributions to a pre-tax 401K, simple IRA, or traditional IRA reduces the income that is subject to federal and state income tax. The maximum employee contribution for …