If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you
tax savings Archives - Crawford Ellenbogen
Dec 5, 2023
Jun 23, 2021
Hiring your minor children this summer? Reap tax and nontax benefits
- By Joan Ellenbogen
- Business
- 0 Comments
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,
Jun 16, 2021
An S corporation could cut your self-employment tax
- By Victor Dozzi
- Business
- 0 Comments
If your business is organized as a sole proprietorship or a wholly owned limited liability company, you’re subject to both income tax and self-employment (SE) tax. There may be a way to cut your tax bill by operating as an S corporation. SE tax is imposed on 92.35% of SE income at a 12.4% rate
Apr 8, 2021
Tax advantages of hiring your child at your small business
- By Joan Ellenbogen
- Business
- 0 Comments
As a business owner, you should know that you can save family income and payroll taxes by putting your child on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed. In order for your business to
Mar 24, 2021
Didn’t contribute to an IRA last year? There still may be time
- By Victor Dozzi
- Taxes
- 0 Comments
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax
Dec 2, 2020
Small businesses: Cash in on depreciation tax savers
- By Joan Ellenbogen
- Business
- 0 Comments
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate