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Tax Tips Small Business
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New Rules for Spouses Who Operate a Business Together
Do you qualify for simplified reporting?
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Spouses who operate a business together have a new option for reporting their business income. In the past, husband and wife joint owners were considered a partnership for reporting purposes. New rules, which took effect in 2007, give spouses the option of reporting their business income as two separate sole proprietorships.
Small Business Quick Tip
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Self Employed Health Insurance
If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
Friday, 22nd February 2019
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Tax Tips Personal
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Converting a Traditional IRA to a Roth?
You may want to wait
At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.
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Personal Quick Tip
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Teacher Expenses
If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.