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Here are 5 reasons why small business owners should put their spouse on payroll?
Sep 23, 2015 - 1:38 PM - by TaxGuru
Clearly, your spouse would be both a trustworthy and reliable employee would be perfect to work as an official employee of your business. By adding your spouse on the payroll you can gain potentially five tax benefits.

1.Build up tax favored funds for retirement
Your company can deduct contributions made to a qualified retirement plan on your spouse’s behalf. If your company has a defined contribution plan, you can deduct contributions up to 25% of... [Read More]
What are the leading GOP Candidate, Donald Trump's Tax Policy?
Aug 31, 2015 - 7:24 PM - by TaxGuru
The Leading GOP candidate, Donald Trump has a proposed overhauling the Tax code completely with respect to both the Individual and Corporate Tax as follows;

1) Individual Tax Rate Policy
Proposing to have "4 tax brackets; 1-5-10-15%;

2) Corporate Tax Rate Policy
Eliminating or killing death tax & corporate tax

Donald Trump states that

"my 5-part tax plan involves... [Read More]
Student loan discharge / taxable income
Jul 30, 2015 - 8:39 PM - by Pegasus5726

I put myself through college and law school with student loans and became disabled shortly after passing the bar and was unable to pay any of the $100,000 student loan ($200,000 with accrued interest). Because my disability was permanent, after 20 years of disability, the total $200,000 owed was discharged in the year 2011. My only income is and has been $980/mo SSDI. I never filed a tax return over the years because it's not required based on my income. I didn't file... [Read More]
Gross Earnings
Jul 30, 2015 - 4:52 PM - by kpope64
My husband is a subcontractor driver. IRS has just brought to our attention that in 2013 after only working for the company for two months his gross pay was $1955.00 however this is not what he brought home, as the company deduct insurance, fuel, and whole bunch of other stuff that doesn't relate to tax, ss, or Medicaid. My question is wouldn't his gross be what he physically brings home on a check? I am only asking as they are now saying he owes $7,000 taxes on 19,000
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