Employers that pay overtime should familiarize themselves with new IRS guidance on the federal tax deduction for overtime pay. The updated FAQs clarify the rigorous requirements for how employers must identify, calculate and report qualified overtime income. We review the deduction's basic concepts and highlight key points from the guidance.

Caregiving for a parent can be challenging, but it may also open the door to valuable tax-saving opportunities if you provide financial support. Depending on your situation, you might qualify for a dependent credit, a more favorable filing status or medical expense deductions. We explore each of these options.

If you hire domestic or household workers, you must follow complex tax laws based on whether the worker is an employee under your control or an independent contractor. Disregarding the tax rules can result in an expensive liability — even years from now. Here's what you need to know.

With one type of retirement plan, business owners who run their operations alone may be able to stash away more money for the future. Continue reading to see if a Solo 401(k) plan is the right way for you to save. Compared with other types of plans, it may allow you to make substantially larger contributions that lower your tax bill and generate more tax-deferred earnings for retirement.

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