Tax Tip Tuesday! WOTC: This Acronym Could Save You Taxes

WOTC. Those four letters may look like Internet shorthand, but they’re actually an acronym for a federal income tax break. The work opportunity tax credit can reduce your business income tax when you hire workers from specified groups that typically experience high unemployment, such as veterans. You may have heard that the WOTC tax benefits for other categories of workers …

Tax Tip: Does Your IRA Have Unrelated Business Taxable Income?

When you think of taxes and IRAs, early withdrawals and required minimum distributions probably come to mind. But another tax can apply: the unrelated business income tax.