You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main benefits of turning your hobby into…

IRA’s can be a powerful tool to lower taxes all while saving for retirement or other predetermined uses. Here are five lesser-known things about IRA’s: A nonworking spouse can have an IRA. If your spouse doesn’t work, you may still be able to open and contribute to an IRA for your spouse, assuming that you work…

Your business mileage tax deduction just became more valuable for the rest of 2022 after a recent announcement by the IRS. Starting July 1st, the IRS’s business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per…

Be aware, be prepared Inflation is upon us, and a hidden gem used by companies to combat price increases is often hidden from the unaware. It’s called shrinkflation. Here’s what you need to know about this hidden price hike and what you can do to cope with its effects. Defining shrinkflation Shrinkflation is the technique…

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps.   Home office tax surprise. If you deduct home office expenses on your tax return, you could end up with…

Time for the classic banking approach to make a comeback? For years, savings and checking accounts provided very little in the way of interest income. In our current inflationary times, however, interest rates are on the rise. What is also on the rise is the comeback of traditional banking products. Here is a review of…

Couples consistently report finances as the leading cause of stress in their relationship. Here are a few tips to avoid conflict with your long-term partner or spouse.   Be transparent. Be honest with each other about your financial status. As you enter a committed relationship, each partner should learn about the status of the other person’s…

Don’t forget the taxman! From supplementing their current income to replacing income that was lost because of layoffs, the pandemic or other reasons, many people have started side hustles over the past 2 years to help make ends meet. If you currently have a side hustle, don’t forget about the tax implications from earning extra…

As a busy working parent, you may be on the lookout for activities that are available for your kids this summer. There may be a solution that’s also a tax break: Summer camp! Using the Child and Dependent Care Credit, you can be reimbursed for part of the cost of enrolling your child in a…

Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Now that you’ve filed your 2021 tax return, here are some tips for getting a head start on tax planning for your 2022 return:   Check your paycheck withholdings. Now is a good time to check your tax withholdings…