If your online business has been a success despite your lack of storefront space, you may be excited at the prospects that can await you once you expand to have a more robust presence. However, affording a commercial property -- which often requires heftier down payments and a more rigorous documentation process than found with most residential mortgages -- can be challenging for even well-established businesses, providing a significant hurdle to entry.
Financially caring for your parent could result in a tax break for you. If you meet certain requirements, it is possible that you could claim your parent as a dependent at tax time. If you believe that you are entitled to do so, here is what you need to know.
What Are the Requirements?
Before you can claim your parent as a dependent, you have to ensure that you meet certain criteria.
If you have made the decision to purchase a home this year, it is important that you take the necessary steps to get your finances in order before you actually go too far into making that commitment. After all, money is a huge part of buying a home, and you want to ensure that you are able to invest in a home successfully since so many fail at it. Here are a few tips that will help set yourself up for financial success when it comes to organizing your finances and funding your home purchase:
Watching Olympians win gold can bring up a lot of envy for viewers back home. If you are hosting a competition or event, it's natural to want to award winners with the same type of prestigious medal. While gold medals are valued at $600 for their raw material alone, there are plenty of alternative options to give out as awards. Keeping up with the theme of gold, you can visit a gold buyer and seller to purchase special gold coins and bars.
Around 18.3% percent of Americans spend more than $1,000 on boating per year, and retailers sell more than half a million new boats annually. With significant sums of money exchanging hands, boat owners may wonder if there are more tax-efficient ways to manage this investment. If you're keen to understand how you can save money on boat ownership, consider the following possible tax advantages.
Second home deductions
In the United States, the IRS allows people to claim various tax deductions if they own and use a second home.