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One benefit of running your own business is the ability to hire your children. Payroll taxes differ from those to other employees. The following details may help you identify some differences to consider.

Want to see how to pay no taxes on overtime or tips? Read this quick guide.

Big changes for seniors tax returns!

Many taxpayers have a hard time when it comes to taking auto deductions on their tax return. The rules can be confusing and knowing what documents to have for tax time can be difficult. This short guide can help you understand how the expenses are calculated. There are two ways to calculate your auto expenses. There is the standard mileage rate and there is actual vehicle expenses. Standard Mileage Rate This is the simplest way to get a mileage deduction on your tax retur

What is a tax deduction?

With the tax reform act passed this year you maybe eligible to deduct up to $40,000 in state and local taxes. New for 2025, you can deduct up to $40,000 in state and local taxes if you itemize. This is an increase of $30,000  above the previous $10,000 cap we had in the past. Your income must be below $250,000 for single and married filing separate filers and $500,000 for married filing joint before a phase out begins. If you make over $600,000 married filing joint or $300,00

Paying tax estimates can be confusing for many business owners, here is a clear cut guide on when to pay tax estimates to the IRS or the...