Posts by Caras & Shulman

You May Owe the “Nanny Tax” Even Without a Nanny

You May Owe the “Nanny Tax” Even Without a Nanny

by | Jul 1, 2025 |

Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the garden needs attention. Unless the worker is an independent contractor, you may be liable for federal payroll tax and other taxes (including state tax obligations).

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Tax Tips for June 2025

Tax Tips for June 2025

by | Jun 23, 2025 |

Click on the links below to jump to each section in this article: Marriage and Taxes: Key Changes After Saying 'I Do' Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   Marriage and Taxes: Key Changes After Saying 'I Do' It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to...

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What’s Your Business Exit Strategy?

What’s Your Business Exit Strategy?

by | Jun 9, 2025 |

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.

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Choosing the Optimal Accounting Method for Tax Savings

Choosing the Optimal Accounting Method for Tax Savings

by | Jun 2, 2025 |

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best method for your business.

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