Constancy is the wish of every day, with companies craving steady profits and easy quarters. Too often, however, this wish proves futile. Complications arise, and the only way to battle them is through an emergency fund. The need for an emergency fund is absolute. Creating one is often seen as useless, however, with an online savings account it's easier than you may think. In the wake of worries, though, these funds become essential. And choosing to implement a savings strategy offers companies protection for the future. Avoid Debt Expenses are easy to accumulate. They are often, however, … [Read more...]
Self-Employed Health Insurance Deduction or Adjustment
Image by 427 via Flickr Self-employed taxpayers who pay the medical premiums for themselves and their families may have the choice between reporting those expenses as an adjustment to income on line 29 of the 1040, or by reporting them on Schedule A as an itemized adjustment subject to a 7.5% floor. If the business turned a profit in the tax year, the best place to report the medical premiums is as an adjustment to income. Why? Because it allows you to use more of that medical expense to reduce your taxable income and ultimately the tax you owe to the federal government. The rules … [Read more...]