Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. However, Congress left in place two popular education credits that may offer a more valuable tax break: The AOTC. The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 per student per year for qualified undergraduate tuition, fees and course materials. The deduction phases out at higher income levels, and is eliminated altogether

September 15 – Third quarter installment of 2017 individual and corporation estimated income tax is due. S corporations: Filing deadline for 2016 tax returns for S corporations that requested/received a six-month extension. Partnerships: Filing deadline for 2016 tax returns for partnerships that requested/received an automatic six-month extension. Electing large partnerships: Filing deadline for 2016 tax returns for electing large partnerships that requested/received a six-month extension. October 16 – Filing deadline for 2016 individual or corporation tax

Imagine your college-aged daughter has an accident while away at school and ends up in the emergency room. When you call the hospital, you are denied information about her care because you do not have the proper forms signed. Under the Health Insurance Portability and Accountability Act (HIPAA), you do not have legal access to your child’s health information after they reach age 18, even if your child is still your dependent and their health insurance

Google, Facebook, and Southwest Airlines are among the top five companies on job search site Indeed’s “Best Places to Work 2017” list. You may not have the resources of these large companies, but you can incorporate some of their ideas into your company’s culture. Respect. The best companies cultivate a culture of respect, according to a poll conducted by the Society for Human Resource Management. Employees say they feel valued by their leaders and their coworkers

Health Savings Accounts (HSAs) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware of how HSAs compare to other retirement investment tools. HSAs work best when they are used to pay for qualified medical expenses. Neither your original contributions to an HSA nor your

Here are five common mistakes of those who deduct home office expenses. Not taking it. Some believe the home office deduction is too complicated, while others believe taking the deduction increases your chance of being audited. Not exclusive or regular. The space you use must be used exclusively and regularly for your business. Exclusively: Your home office cannot be used for another purpose. Regularly: It should be the primary place for conducting regular business activities, such

If you haven’t started saving for retirement or you haven’t saved enough, here are three actions you can take to put you in a better position during your golden years: Contribute as much as possible every year to a 401(k) pretax retirement plan, up to the $18,000 maximum, or $24,000 if you are age 50 or older. Contribute as much as possible to a Traditional or Roth IRA every year, up to the $5,500 maximum, or

Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And you will reap a few tax benefits in the process. The following guidelines will help you determine if the arrangement will work in your situation. Make sure your child works a real job that he or she can reasonably handle, no matter

Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of eight common sources of tax-free income. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long as the gifts received in one year from one person do not exceed $14,000.  Rental income. If you rent your home or vacation

Here are some reasons you may want to consider incorporating your growing business. Protect your personal assets from creditors. When you operate your business within a corporation, creditors are often limited to corporate assets to satisfy a debt. Your home, savings, and retirement accounts are no longer fair game. Provide a personal liability firewall. The corporate form can help protect you against claims made by others for injuries or losses arising from actions of your business.