Personal Financial Strategy for NRIs in the USA!
Now that you’ve mastered how to save taxes, it’s time to expand your ideas. In this article, we will explain why hiring one or more family members to work in your business could be a smart move to save money. That could help your business and your family deliver favorable tax results to both the […]
Starting a business has many inherent costs. This article is about comparing creating a new business versus buying a new business/expanding your current business. The tax code states that start-up expenses arise when you spend money to: investigate the creation or acquisition of an active business, create an active business, or engage in a for-profit […]
With the world in lockdown due to COVID-19, you and your partners may be doing a lot of work from home or even working from home primarily. Is your home-office deduction into your financial mix? If you operate your business as a partnership, you have two ways to correctly deduct your home-office expenses.If you have a […]
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can receive treatment as a single-member LLC for federal income tax purposes. LLCs with two or more […]
The IRS used to use the Consumer Price Index (CPI) to calculate the past year’s inflation. However, with the Tax Cuts and Jobs Act of 2017, the IRS will now use the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly. 2020 Federal Income Tax Brackets and Rates In 2020, […]