Aug 29, 2016 | Nonprofits, Small Business
Many businesses use independent contractors to keep payroll taxes and fringe benefit costs down. But using outside workers may result in other problems. The IRS often questions businesses about whether a worker should be classified as an employee or independent...
Aug 24, 2016 | Individuals
Last week, we discussed applying for financial aid to help defer the cost of college. Besides financial aid, specific higher education tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax Credit,...
Aug 18, 2016 | Individuals
As we reported in our last article, the net price of higher education will depend on the amount of financial aid that’s received. The greater the financial aid, the lower the net cost of college. In order to obtain financial aid, a key step is filling out the Free...
Aug 15, 2016 | Individuals
The College Board reports that full-time students at in-state public schools typically paid almost $20,000 for tuition, fees, and room and board during the 2015-2016 academic year. On average, students at private institutions typically paid almost $44,000 for tuition,...
Aug 10, 2016 | Small Business
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. Without material participation, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess...
