Plug in tax savings for electric vehicles

Plug in tax savings for electric vehiclesWhile the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where you live, there may also be state tax breaks and other incentives.)

Can “collective impact” help your nonprofit accomplish more?

Can “collective impact” help your nonprofit accomplish more?Not-for-profits increasingly are taking on big issues, such as global warming and economic development. Some are turning to a relatively new approach known as “collective impact.” Such cross-sector coordination may help nonprofits achieve greater change than isolated interventions by individual groups.

Employee vs. independent contractor: How should you handle worker classification?

Employee vs. independent contractor: How should you handle worker classification?Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations.

How entrepreneurs must treat expenses on their tax returns

How entrepreneurs must treat expenses on their tax returnsHave you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Nonprofit board retreats: The pause that refreshes

Nonprofit board retreats: The pause that refreshesIf your not-for-profit’s board is like most, its members lead busy lives. They may not get to every board meeting or perhaps they’re able to attend meetings only via teleconference. That’s why it’s important to periodically bring everyone together in a relaxed setting. But to be successful, your retreat should be planned to the smallest detail.

Divorcing business owners need to pay attention to tax implications

Divorcing business owners need to pay attention to tax implicationsIf you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it.

Seniors: Medicare premiums could lower your tax bill

Seniors: Medicare premiums could lower your tax billAmericans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If you qualify, they may help lower your tax bill.