CNN Business' Christine Romans explains what small businesses need to know about the government's forgiveable loan program.
Money & Financial News
OPEC will meet with Russia and other oil producers in the hope of agreeing to production cuts and ending a brutal price war. CNN's John Defterios reports.
Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings.
There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe.
First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primary criteria are that they must be a relative, you must be providing over half of their support, and their gross 2019 income must be less than $4,200.
The definition of relatives includes stepparents and in-laws. They do not...
Tax Benefits Of Having Dependents
The US economy lost 701,000 jobs in March. That doesn't reflect the past two weeks of layoffs. CNN's Christine Romans reports.
Krispy Kreme is giving away doughnuts, several major New York hotels are providing free rooms and Allbirds is donating sneakers to healthcare workers.
The creator of Orangetheory, Ellen Latham shares how she turned an hour workout into a worldwide fitness brand.
There's a milk surplus due to schools being closed. Dairy farmers are being asked to dump all their milk for the next week.
Working from home with kids is the new reality for parents around the world as the coronavirus spreads. Managing your job's needs with your children is a juggling act.
When you use your car for both personal and business reasons and you are not fully reimbursed through your employer for the business expenses, you can deduct those costs from your taxes. How do you go about claiming these deductions? Assuming that you itemize, you have two general paths:
- Standard Mileage Method – The IRS prints flat rates of reimbursement per mile driven for each calendar year. For business use of your vehicle in tax year 2019, the standard mileage rate is 58 cents per mile, up from the 2018 value of 54.5 cents per mile.
- Actual Expense Method – Rather than calculate an average based on miles, you can calculate the actual expenses related to the non-personal use including gas, oil, maintenance costs, depreciation, tolls, parking fees, insurance, and other applicable expen...
Retirees Not Maximizing Tax Refunds
Almost ten million Americans have filed for unemployment benefits in the past two weeks, as businesses continue to lay off and furlough workers amid the coronavirus outbreak.