Household Employees

Household Employees

Household Employees If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes(FICA), pay federal unemployment tax (FUTA), or both. Workers Who Are Household Employees A household employee is an employee hired to perform work...
How Corporations Reduce IRS Audits of Home-Office Deductions

How Corporations Reduce IRS Audits of Home-Office Deductions

If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 percent (2017 returns are still open for audit, so the percentage could increase). Had you reported this income...
Take Advantage of the 199A Deduction for 2019

Take Advantage of the 199A Deduction for 2019

Take Advantage of the 199A Deduction for 2019 If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify...
Make the RMD from Your Traditional IRA Tax-Free

Make the RMD from Your Traditional IRA Tax-Free

Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD...