Category Archives: General Information

Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a husband and wife business. Continue reading

Tips to Start Planning Next Year’s Tax Return

IRS Tax Tip 2013-62, April 24, 2013

For most taxpayers, the tax deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next April 15 easier. Continue reading

IRS Narrows Options for Bad Debts Being Worthless

Are there conditions that you must meet before you can claim a bad debt?  Of course! 

Just because you believe you are unable to recover a debt, you must be absolutely certain there is no prospect of recovery. And even then, the loss may be disallowed. The courts will look at the level of collection effort that was made by the creditor, and if there is even a remote possibility that the debt can be collected on.

So how do you determine if a debt is worthless?   Continue reading

Track Your Hours – Even When Children Aren’t Present

Many of you maintain good records tracking your hours when children are present,  but how good are you tracking your hours – when children aren’t present?  There are chores/tasks you perform, maybe on a daily basis, after or before the children arrive.  Those hours are important.  They add up.  It only applies to chores/tasks performed on location.  You can’t count the hours spent doing general housekeeping.  One good way to determine what you should count is to ask yourself – “would I be doing this, if I weren’t in business?”  If the answer is “no” … then count it.  Don’t count washing your cars, mowing the lawn, cleaning the oven, etc.

To download a copy of our Daily Chore/Task Checklist, please visit http://childcaretaxspecialists.com/blog/

Summer Job Tax Information for Students

IRS Special Edition Tax Tip 2013-10

When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world – and taxes.

Here are six things about summer jobs that the IRS wants students to know. Continue reading