With a heat wave hitting much of the nation and Arizona blistering form 25+ days of temperatures of 110 degrees or higher, air conditioning units are failing. While the cost of a new unit can be unsettling, the US Department of Energy provides consumers the opportunity to receive tax credits of up to $2,000. If you purchase an eligible energy efficient equipment, complete IRS Form 5695 to claim your credit.
For more information, go to Clean Energy Tax Credits for Consumers.
Business owners need to consider things besides family dynamics when hiring their parents or children. One of those things is employment taxes.
Child works for parent - When a child works for a parent's sole proprietorship or a partnership in which each partner is the child's parent: