by Miguel | Oct 15, 2021 | Airbnb Taxes, Rideshare Taxes, Tax Tips
If you participate in the sharing economy by working as a 1099 contractor or by renting your home on Airbnb, you likely need to pay taxes on your income. But just how much do you need to save in order to cover your estimated tax payments? This brief guide will...
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by Chris Dios | Oct 11, 2021 | Legal
There’s been a lot of talk in the news recently about Congress raising taxes on the wealthy. Regardless of what the final legislation looks like, high earners can expect some increase in taxes. If you fall into this category, you should take steps now to start...
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by Chris Dios | Oct 4, 2021 | Tax Tips
Filing taxes can be a headache for any small business. But, corporations, in particular, face a unique set of challenges. Sole proprietors file a Schedule C with their personal tax returns. Businesses organized as a corporation must file a completely separate,...
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by Chris Dios | Sep 30, 2021 | Tax Tips
Tax season is approaching fast, so you should get focused on your taxes. Your taxable income will determine your final year-end tax bill. To determine taxable income, subtract your allowed deductions from your total income. Your adjusted gross income will include...
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by Chris Dios | Sep 26, 2021 | Tax Tips
For independent contractors, filing taxes is a little more complicated. Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. 1099 contractors must use IRS Form 1040 to report income. However, Form 1040 includes...
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by Chris Dios | Sep 19, 2021 | Tax Tips
Filing your taxes can create a ton of stress. The US tax code is thousands of pages long – and extremely complicated. Despite this complexity, the IRS expects you to comply with all of these detailed rules. If you don’t, you may face an audit, which can lead...
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by Chris Dios | Sep 6, 2021 | Tax Tips
If you have an income, you’re responsible for taxes. The government taxes everyone, but Uncle Sam taxes wealthier taxpayers at a higher rate. Your tax bracket depends on how much you earn, whether you’re filing jointly, and a few other factors. We’re...
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by Chris Dios | Jul 23, 2021 | Airbnb Taxes
JPMorgan Chase CEO Jamie Dimon directly addressed inflation on a recent earnings call. He stated that, “inflation could be worse than people think,” and “I don’t think it’s only temporary.” Homeowners should pay close attention to Dimon’s insight, as a strong...
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by Chris Dios | Jul 2, 2021 | Tax Tips
Most business owners know the IRS taxes long-term capital gains at a lower rate than ordinary income. However, Section 1231 of the Internal Revenue Code offers an exception to this rule. This rule gives business owners the best of both worlds. When you sell Section...
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by Chris Dios | Jun 28, 2021 | Tax Tips
Many business owners have heard of IRS Form 8995. But what does this do for small businesses? And how can you use IRS Form 8995 to save your business money? The 2017 Tax Cuts and Jobs Act (TCJA) made some major changes to the tax code. In particular, this legislation...
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