Taxes can be a very time-consuming process. Of course, you want to take your time, and go over everything carefully to avoid any misrepresentations like underreporting your income. Unfortunately, small business owners don’t usually have a lot of time on their hands. However, you don’t want to rush your taxes so just to meet the […]
Estimated Tax Planning For Airbnb Hosts
Airbnb has risen in popularity over the last several years for both travelers and individuals looking to make an extra income. However, Airbnb hosts have to deal with tax ramifications. Many hosts are surprised to find out they owe estimate taxes on their earnings. Here, we’ll outline Airbnb estimated taxes and tax planning tips to […]
Cash In on 2018 Tax Breaks with an Amended Return
Recent changes in tax regulations have created significant savings opportunities from some taxpayers. Now, taxpayers can claim new discounts on their 2018 tax returns. These extended federal tax breaks can save certain people big money in taxes, but you have to file an amended return to claim them if you paid taxes in 2018 Amended […]
How to Claim the Self Employed Health Insurance Deduction
Working as a 1099 contractor isn’t always easy, but it comes with some tax benefits that aren’t available to W4 employees. Healthcare is a huge expense for millions of Americans, but most employees can’t deduct the expense on their taxes. However, self-employed workers get special treatment in this regard. Qualifying independent contractors can claim a […]
Airbnb vs Renting: The Best Option for STR Income
If you own property, you have options. There are a variety of ways to generate steady cash flow from your real estate holdings. Renting is one of the most obvious ways to earn money from your property, but some owners prefer listing their short-term rentals on Airbnb. However, local regulations against home-sharing are becoming more […]
3 Last-Minute Uber Driver Tax Deductions for 2020
Driving for rideshare is a great way to earn money at your own pace, but it complicates your tax situation too. You work for yourself, so there’s no one to withhold taxes from your check. You’re responsible for paying your own taxes, but you can reduce your year-end tax bill with deductions. Most deductions come […]
How to Calculate Amortization Expense for Tax Deductions
Amortization is a term you’ve probably heard a few times, but it’s a little tricky to define. To complicate things more, it has more than one meaning in the financial sense. However, it’s important that you understand how amortization impacts your business taxes so you can take advantage of amortization expense deductions. Learning about amortization […]
4 Easy Steps to Calculate and Pay Estimated Rideshare Taxes
If you drive for Uber and Lyft, you’re a small business owner. You don’t work directly for the rideshare company, so the IRS views you as an independent contractor. Since you’re not an employee, the platform doesn’t withhold any taxes from your earnings. However, that doesn’t mean you’re off the hook. You still have to […]
What is a W9 Form and How to Get One
If you work as an employee, your employer automatically withholds money to cover your taxes. However, freelancers and independent contractors need to handle their own taxes. If you’ve been freelancing for a while, you’ve probably had a client that asked for a W9 form. You probably know that these forms list your tax data for […]
How to Pay Your Cryptocurrency Taxes and Stay Out of IRS Trouble
Cryptocurrencies like Bitcoin and Ether have gained a lot of traction over the last several years. However, crypto regulations are notoriously vague, particularly in regard to cryptocurrency taxes. Some crypto traders even found themselves in trouble with the IRS for unintentionally violating tax laws. Last year, the IRS began a highly-public crackdown on Crypto tax […]