Sharing Tax Issues in the Sharing Economy Mobile apps and online platforms have revolutionized the way many businesses offer services to consumers. Examples of the so-called "Gig" are widespread — from ride sharing and vacation rentals to on-demand housekeeping and legal advice. If you decide to jump on the sharing economy bandwagon, it's important to understand the tax rules for recognizing income, making estimated payments and deducting legitimate business expenses.
Long-Term Care Insurance Can Be a Tax-Free Perk For tax purposes, long-term care insurance grows more attractive depending on who buys the policy. There's a big difference in the tax implications of a policy purchased by you as an individual and the same policy purchased by your family business. To find out how to maximize the tax benefits before buying, read the "Full Article."
No Current Deductions Before Business Commences Current deductions are not allowed for most expenses incurred while a business is still in the start-up phase. For tax purposes, the business must be functioning at the time the expenses are incurred. Many entrepreneurs may be unaware of this rule. This article explains the tax rules for start-up companies.
What You Need to Know About the Alternative Minimum Tax The alternative minimum tax (AMT) rules are among the most misunderstood provisions of the Internal Revenue Code. Many people mistakenly believe the AMT applies to only higher-income taxpayers. But over the years, it has begun to affect upper-middle-income households, too. Here are some strategies for minimizing the AMT.