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Tax Tips Small Business
Starting Your Own Business?
Here are a few quick tips to help you reduce taxes
Open a separate business checking account. Many small business owners don't realize the complications that can arise from using their personal checking account to pay for business expenses. If business expenses are mixed in with personal expenses, the IRS may disallow them.
Read more...Small Business Quick Tip
| If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however. |
Tax Tips Personal
HSA Funding Options
For a limited time only, there are more options
Health Savings Accounts (HSAs) are a great tax vehicle for making the most of your medical expenses. However, it's not always easy to come up with the money to fund an HSA. Well, now there are more options available to HSA owners. At any time before 2012, you can make a one-time only tax-free rollover from an IRA to an HSA. This rollover amount may not be more than your HSA maximum contribution for your type of coverage, whether individual or family.
Read more...Personal Quick Tip
| If you are a teacher who spent your own money for classroom supplies, this is the last year you can take a deduction for up to $250 of those costs. Unless Congress extends the deduction, expenses you incur next year won't be deductible. |