Ensure your year-end donations will be deductible on your 2016 return

11_29_16_537605798_ITB_560x292.jpgDonations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you must make them by year end to qualified charities.

What the self-employed need to know about employment taxes

10_18_16-484956724_ITB_560x292.jpgIn addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax.