Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in mind.
In the News
Thursday, June 20, 2019
Thursday, June 20, 2019
If you pay for services from independent contractors, your legal obligations to those individuals are far more limited than those involving statutory employees. But the growing importance of so-called "gig" workers in today's labor force is changing the legal landscape for some businesses.
Thursday, June 20, 2019
Pop-up retail stores, restaurants and events promise numerous benefits. They can be less expensive and more flexible to operate than traditional brick-and-mortar operations. And they may appeal to consumers who crave fun, memorable events. They're also great for seasonal retailers and online boutiques that want to expand or unload inventory.
Friday, June 14, 2019
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses.
Friday, June 7, 2019
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:
Thursday, June 6, 2019
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The law has made AMT rules more taxpayer-friendly for 2018 through 2025. In addition, other TCJA changes reduce the odds that you'll owe the AMT for those years. Even so, you may still benefit from taking steps now to avoid or minimize it.
Thursday, June 6, 2019
Many people have long recognized and cherished the emotional support available from their pets. That's what pets are for, largely, unless they serve double duty such as providing physical security or herding sheep. There are also bona fide service animals, most commonly in the form of Seeing Eye dogs.
Thursday, June 6, 2019
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs.
Friday, May 24, 2019
Are you planning to make substantial renovations to your home? You may be adding a deck or patio, finishing a basement or attic or installing a pool. Despite some changes in the Tax Cuts and Jobs Act (TCJA) that may discourage homeowners, you can still realize generous tax benefits for home improvements.
Friday, May 24, 2019
By 2026, nearly one in four workers will be 55 and older. That's compared to about one in five today, according to the U.S. Bureau of Labor Statistics.
