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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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SS Wage Base
The Social Security wage base increases to $118,500 in 2016. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.
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Tax Tips Personal
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Charitable Remainder Trusts
Reduce your estate by gifting property
There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.
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Personal Quick Tip
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Medical and Charitable Mileage
Do you use your auto for charitable purposes? What about going to and from the doctor or dentist? Your mileage for both medical and charitable purposes may be deductible on your tax return. It is important to set up a mileage log and keep it handy so you can track your deductible mileage throuhghout the year.