Charitable contributions to eligible charity organizations present an opportunity for self-directed workers to do good for society and their bottom lines. This is because qualifying charitable contributions—from cash donations to donations of personal or ordinary income property to charity volunteering expenses—are tax-deductible. But before you write a check to your favorite nonprofit, you should know about a lesser-known form of charitable giving that can help you maximize your charitable contribution deduction: donations of appreciated stock.
Question: I have a full-time job, but also do professional photography on the side. I mainly photograph weddings, engagements and a few other special events. I’ve finally decided to spend a bit more time on this, and need to buy some new equipment. Can I deduct equipment costs on my taxes?
When you’re running your own business, there are numerous types of taxes and quite a few important tax due dates you need to keep track of. Missing any of these tax due dates could result in fines or penalties, so it’s important to remember each of these.
Workers with children struggle to answer the call of duty at home when they’re occupied at work. Businesses nationwide have chosen to address this issue and bolster their workers’ family lives by offering child care benefits to their employees. If your business offers this benefit, you may be eligible for an employer child care tax credit that can significantly reduce your tax bill.