Payments for the services of a child under age 18 aren’t subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a partnership in which each parent is a parent of the child. Payments to a child under age 21 aren’t subject to FUTA. Payments[…]
Read More »In 2019, the standard deduction rose to $12,200 for individuals and $24,400 for married couples filing jointly, nearly double the pre-tax reform standard deduction in 2017. Tax reform made the number of households itemizing their deductions drop significantly—from about 37 million to an expected 16 million in 2018. However, many[…]
Read More »If you don’t expect to be in a higher tax bracket next year, deferring income into the following tax year and accelerating expenses into the current tax year is a proven planning tool. If you are an independent contractor or other self-employed individual, you may decide to hold off on[…]
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