If you are hiring household employees, are you subject to payroll taxes? If you have a household employee, such as a housekeeper, maid, babysitter, gardener or anyone else who works in or around your private residence as your employee, you may be required to pay payroll taxes.
To better manage escalating costs, many individuals are now choosing health plans with higher deductibles. If you have a qualifying high deductible plan, you may want to consider opening a health savings account (HSA). These accounts provide considerable tax advantages for those who qualify.
There are tax-saving opportunities for certain individuals with disabilities thanks to the ABLE Act.
Last December, President Obama signed the Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act into law. The enactment of ABLE resulted from an eight-year campaign to gain approval for tax-free savings accounts to help individuals and families finance disability needs. Autism Speaks is providing even more insight on this topic that may be helpful to you.
Transportation worker expenses need to be tracked, but do you know the correct way to do this?Truck drivers, or other transportation workers, can claim a variety of tax deductions while on the road. Fuel, daily meal allowances, truck repair (maintenance), overnight hotel expenses and union dues are some of the tax deductions available. However, local truck drivers typically cannot deduct travel expenses.