Do Tax Deductions and Tax Credits Result in the Same Tax Benefit?

Do Tax Deductions and Tax Credits Result in the Same Tax Benefit?

Tax lingo can be confusing. Often taxpayers confuse the terms “tax deductions” and “tax credits.” Fiducial explains these terms for you below.
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Hobby or For-Profit Activity? The Answer Matters for Tax Purposes

Hobby or For-Profit Activity? The Answer Matters for Tax Purposes

If you are engaged in an activity that produces income, we have a question for you. Is the activity a hobby or a business? Much hinges on the answer.
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Withdrawals From Closely Held Corporations at Minimum Tax Cost

Withdrawals From Closely Held Corporations at Minimum Tax Cost

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? Fiducial can help! Read on for our top five tips!
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How Can a Nonworking Spouse Qualify for a Spousal IRA?

How Can a Nonworking Spouse Qualify for a Spousal IRA?

Generally, only taxpayers who have compensation may make contributions to IRAs.The spousal IRA is the exception to this rule.
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Costs for Medically-Related Home Improvements Have Tax Benefits

Costs for Medically-Related Home Improvements Have Tax Benefits

Ten thousand baby boomers a day are reaching the age of 65. As this population ages, many people require medically-related home improvements.
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Important Tax Aspects of Operating Your Business as a Sole Proprietor

Important Tax Aspects of Operating Your Business as a Sole Proprietor

Are you in business for yourself as a sole proprietor, or you’re planning to start a business? Then you need to know about the tax aspects of your venture.
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Strategic Preparation is Key to Selling Your Company

Strategic Preparation is Key to Selling Your Company

Many people dream of starting their own company. Few realize that selling your company requires almost the same amount of effort and planning.
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What’s Next for the Child Tax Credit? Families Want to Know

What’s Next for the Child Tax Credit? Families Want to Know

December 15th marked the last deposit for the child tax credit payment under the ARP. Many families have been left waiting and wondering what's next.
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