We all need tips on taxes and tax planning, QuickBooks and finances. Where do you go for help? Bakken CPA PC has a page on our website called Online Advisor. Visit Online Advisor to find tips on Taxes, Business and Finances. We post new tips each month.
Some of the tips this month include:
- If you own a business you may consider hiring your child for the summer. It puts money in their pocket, which you are going to have to do anyway, and it’s deductible. Your child’s income will not be taxed if it is under $6,350, which is the standard deduction amount for 2017.
- Have you thought about selling your business? Because business owners make many mistakes when they are selling their businesses, read about the common mistakes to avoid.
- Also, did you know that nearly two-thirds of Americans 55 or older have less than one year’s worth of their annual salary saved for retirement?
- Most people find out the hard way about the marriage penalty that is in-bedded in the tax code. The what?
- Here’s an example of Tax-free income: Roth IRA earnings. all interest and earnings on the money you put into a ROTH IRA is forever not taxed.
Of course, you can always give us a call or email us about your unique situation. (508) 746-4663 or firstname.lastname@example.org