The 3-test Check for Your Health Insurance Deduction To get my complete article with all the details… You pay for your own health insurance as a sole proprietor, partner, or S corporation owner and assume the deduction is automatic. It isn't — three separate tests decide whether those premiums count for the self-employed health insurance deduction. One test alone … [Read more...]
Children as employees
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The IRS Could Pay You $6,614 To Hire Your Child
The IRS Could Pay You $6,614 To Hire Your Child To get my complete article with all the details… The government will pay you thousands for a decision you might already be making anyway: putting your child to work in your business. Sara Jackson's 13-year-old will earn $16,100 tax-free this year, and Sara will pocket a check from the federal and state governments for … [Read more...]
Paid your child for a one-time job? Three rules your preparer needs to get right
Paid Your Child For a One-time Job?Three Rules Your Preparer Needs To Get Right To get my complete article with all the details… You paid your college student for a one-time project. You took the deduction. The family came out ahead. But now the details matter. Which Form 1099 do you use—and which box? Does the kiddie tax apply? Can your child contribute the income … [Read more...]
Family, Finances, and the IRS: One Smart Year-End Move
“Marriage, Kids, and Taxes—The Surprising Year-End Connection” To get my complete article with all the details… As the year winds down, family and business tend to take center stage—and taxes are probably the last thing you want to think about. But before you close the books on 2025, it’s worth taking a quick look at how your family, your marriage, and even your … [Read more...]
Turn Your Kids into a Tax Break
“The OBBBA Just Made Hiring Your KidsMore Profitable Than Ever” To get my complete article with all the details… First, the bad news: The One Big Beautiful Bill Act (OBBBA) permanently killed the personal exemption for your child. That deduction is gone for good. Now, the good news: The same law created a huge opportunity to get even — and possibly come out way … [Read more...]