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Sometimes the offer letter surprises you with the word Contractor, where you were expecting to see Employee. What does that mean? As with everything taxes, there is no quick answer for which is “better”, but knowing the difference will keep you compliant and (hopefully) keep your taxes down. Paperwork Employers need a completed W4 for all employees, while businesses need a completed W9 for contractors. Employee pay statements will include Social Security and Medicare deducti

Several tax benefits for new parents to be aware of, designed to ease their financial burden: One of the most significant is the Child Tax Credit (CTC) , which allows parents to reduce their federal income tax for each qualifying child under the age of 17. For the 2025 tax year, the credit can be up to $2,200 per child. This is a refundable  credit, so even if your tax burden is $0, up to $1,700 will be paid to qualified taxpayers. Another important tax benefit for new parent

I’ve read through the 800+ pages of the One Big Beautiful Bill, for the items relevant to most US taxpayers. 5 quick bits of Good News: 1.       SALT cap on Schedule A raised from $10k to $40k – big help to homeowners in high-tax states such as CA, NJ and WA. 2.       Seniors – all taxpayers 65 and older qualify for an additional $6k deduction. This replaces the prior senior adjustment of $1,950. 3.       Interest paid on auto loans – now deductible from taxable income, up t