The general business credit (GBC) may help certain small businesses cut their federal income tax obligations significantly. This is an "umbrella" credit that encompasses various...
FAQs on the General Business Credit
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Taxes
Are You Familiar With the FUTA Tax?
You're probably knowledgeable about the FICA tax, which was established by the Federal Insurance Contributions Act, and is paid by both employers and employees through payroll...
Do You Qualify for the Favorable HOH Status?
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and...
Handling Financial Affairs After Remarriage
While estate planning can be complex for all families, it can be especially complicated for those who remarry. In addition to considering your spouse and children in your current...
Keys to Avoiding Payroll Tax Trouble
What would happen if your company failed to pay the IRS payroll taxes when they're due? You could be on the hook for penalties and, if you're treated as a "responsible party,"...
Family and Medical Leave: Does Your Program Qualify for the Tax Credit?
In a tight labor market, paid family and medical leave is rapidly becoming more of an expected benefit than just a perk. The good news is the Section 45S federal tax credit for...
7 Tax Breaks for Parents
It's challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits,...
FAQs about SE Tax
Entrepreneurs and others who work for themselves are often on the hook for significant federal self-employment (SE) tax, in addition to federal and state income taxes. Here are...
Deciding When to Transfer Wealth: Factors to Consider
Should you transfer wealth during your lifetime or transfer it to heirs after your death? Answering this question can be complicated because many factors are involved. For...
M&A Reminder: Earnouts Bring Critical Tax Considerations
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in many...