There are many perceived benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed (SE). Self-employment (SEM) can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.
Listed below are some key tax points [Read more…] about Tax Tips for the Self-Employed
Retirement plan changes are coming that will impact both employers and employees! The goal of these changes is to provide employees [Read more…] about IS YOUR COMPANY 401K COMPLIANT?
Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize. It is important that all of the technical requirements for your deductions are met (e.g., receipts from charities for donations). In addition, certain items are deductible only to the extent they exceed a percentage threshold (e.g., out-of-pocket medical expenses) of your adjusted gross income (AGI). By reducing your AGI, you increase the amount of itemized deductions you can claim because the floor limitation amounts based on AGI are reduced.
A strategy commonly used in year-end individual tax planning is [Read more…] about 2012 Tax Planning – Maximizing Itemized Deductions
When I heard an elder law attorney discuss filial law, my reaction was the same as everyone in the audience. This cannot possibly be true.
Could this happen to you? Your mother enters a nursing home and after her discharge there is an unpaid bill of $93,000. The nursing home finds that it cannot collect the money from your indigent parent. The nursing home sues you (the child) for the payment. You argue that although the Medicaid application was not approved in time to satisfy the nursing home, the home should sue Medicaid. You also argue that the home should have collected its bill from your mother’s spouse or from her two other adult children. The court rules [Read more…] about WHAT IS FILIAL LAW? WOW, AM I REALLY LIABLE FOR THE DEBTS OF MY FAMILY?
