Hiring your children in your business can be a great tax savings strategy, as well as a way to teach your children about business and money. Wages paid to your children (between the ages 7 and 17) are a valid business deduction, as long as they do bona...

There's some debate among financial planners as to the best way to pay down debt. Some say paying the highest interest rate debt first is the best way; others say paying the smallest balance first is the best way. Both methods have advantages and disad...

The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income through...

If you sell on eBay, or if you have an online business, listen up. There are several tax issues in the news right now that could have a huge impact on the way you do business. The first issue, and the one that is getting the most attention, is Congres...

There are three types of tax that you will be responsible for when you start your eBay business. They are 1) sales and use tax, 2) payroll tax and 3) income tax. Sales and use tax - Just about every state, and many cities and other local authorities, ...

One of the questions I hear most often from eBay sellers is how to value inventory for purposes of preparing their tax return, especially if it was purchased at a garage sale, or if you used the item before you sold it on eBay. It depends on where you ...

Many people ask me if they are required to report the profits they earn on items they sell on eBay. The answer is "yes". If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It do...

Many eBay sellers start out as a hobby, or just to clean out their closets. Many times, this hobby can lead to a profitable business. A hobby is an activity that you do simply because you love doing it, but it may also earn you some income. That income...

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket: 1. Participate in company retirement plans. Every dollar y...

Do you run out of money before you run out of month? Do you wonder where your money goes each month? Do you struggle to find money to invest for retirement, emergencies and other financial goals? Here are 10 tips to cut your spending and stretch your d...

Most parents want to pay for their children's college education, or at the very least help pay for college. While it would be great for your children to be able to start like after college without student loans to pay off, the cost to parents may be too...

You've heard it a million times – cash flow can make or break a business. Lack of cash flow planning is the reason why many businesses fail. In fact, many PROFITABLE businesses fail because of cash flow issues. Without adequate cash flow, you can't pay...

Copyright 2006 Kristine McKinley Saving for retirement is even more important for solo-entrepreneurs because you don't have a company sponsored pension plan or matching 401K contributions to rely on. There are many retirement plans available to self e...

Copyright 2006 Kristine McKinley You've probably heard about the Nebraska meatpackers who won the largest lottery jackpot in the United States last week. One winner replied "I've been retired for about four days now" when asked what he would do with h...

Copyright 2006 Kristine McKinley How many times have you done your taxes, and a week or a month later realized you forgot a deduction? The tax law is very complicated, so it's easy to miss a deduction or two. In my experience, these are the top 5 mis...