The IRS is stepping up its audits on those with workers in their private homes. Make sure you are up to speed on the rules that apply to you AND your help.

don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. If you don’t file your tax return, it only makes things worse.

There are several ways to handle a parent’s home depending on their particular health or financial situation. At a bare minimum, your parents should have a Revocable Living Trust to ensure the orderly and effectively transfer of the home to the family and avoid probate in states where the expense is significant.

This is a unique trick we implement for several clients each year. If you previously paid a lot in Self-Employment Tax and for some reason had an LLC (sometimes a major mistake by other planners), you can easily still elect it to be taxed as an S-Corporation retroactively to January 1st, 2013