Eligible care costs are those incurred while you work or look for work. If these requirements aren’t met, then you must report the rental income (if you rented the property for 15 days or more per year). As rents continue to rise in many areas, you may decide to help your financially challenged family members …
Individuals and C corporations are eligible to claim the NOL deduction. Partnerships and S corporations generally aren’t eligible, but partners and shareholders can calculate individual NOLs using their separate shares of business income and deductions. While taking current deductions can significantly lower your company’s taxable income, it isn’t always the smartest move. The right amount …
These can’t go to managers, administrators, clerical workers or other professional employees. Also, safety awards won’t qualify for favorable tax treatment if the company grants them to more than 10% of eligible employees in the same year. To qualify for favorable tax treatment, achievement awards must be granted to employees for either promoting safety in …