what the self-employed should expect at tax time

3 Common Mistakes Sole Proprietors Make On Their Taxes

Do you run your own business? There are many ways you can set up your business, but a sole proprietorship is often the simplest, especially if you don't have employees or complicated business arrangements. As a sole proprietor, you can file your business taxes on your personal return. That can simplify the reporting process and make it easier for you to file your returns. However, even if you file as a sole proprietor, there are still a few tax complications to consider.   Read More...

Family Members Living With You? 4 Reasons That Could Help Your Taxes

More and more Americans are helping provide a home and support for other family members. This often includes adult children and older relatives. And if you're in this situation, you're surely doing so out of love and concern. But you can get some financial help on your tax bill that you may not be aware of.  Here's how. Dependency. Many people aren't aware that they can sometimes claim as dependents adults and minors who are not their own children.   Read More...

How To Deduct Medical Insurance As An Itemized Deduction

Individuals who itemize deductions on their income tax return often maintain detailed records of their medical expenses. When the tax return is prepared, their records are reviewed to determine which expenses are deductible. In addition to the amounts paid to medical providers, the cost of certain types of medical insurance is also deductible as an itemized deduction. Unlike most other itemized deductions, medical expenses are subject to a threshold at which they become deductible.   Read More...

The Three Biggest Tax Mistakes Made By Small Businesses

One of the most common mistakes that small businesses make when handling their taxes is not deducting startup costs properly. A business cannot deduct its startup costs until it has made its first sale. These startup costs are not deducted right away but are instead deducted over the course of 15 years. Check with the IRS to make sure that all of your expenses qualify for a deduction.  Hiding Your Income   Read More...

A Quick Guide to Understanding the Basics of a Simple Trust and Its Taxation Details

Although the use and value of a trust have been evident for years, the details associated with filing the taxes for what is known as a simple trust can still be quite complex. For instance, you might be surprised to learn that in addition to the banking information and receipts for the income and outgo of that trust you might already expect to provide, you will also need to have the tax identification number for the trust.   Read More...