IRS Schedule C Instructions For Independent Contractors

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 additional requirements for 1099 contractors. Specifically, you must report your business income and related expenses on […]

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Does High Inflation Impact Real Estate Investments?

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 correlation exists between inflation and real estate values. As such, we’ll use this article […]

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Can Section 1231 Help You Save on Taxes?

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 1231 property for a gain, you will get a more […]

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Top 5 Tips to Reopen Your Airbnb

With most of the pandemic finally behind us, many places around the country are starting to reopen. With bookings picking up throughout the country, it’s a good time to think about reopening your Airbnb if you have not done so already. After over a year’s hiatus in the travel and hospitality industry, people are itching […]

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Should I File With Schedule C-EZ?

As a small business owner, it’s easy to become overwhelmed with tax-filing requirements. The number of different IRS forms can seem extremely confusing. For example, in 2018, qualifying businesses could report income on Schedule C-EZ, which is a simplified version of a Schedule C form. However, beginning in the 2019 tax year, the IRS eliminated […]

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Can Airbnb Help You Save on Taxes?

It costs money to make money. And running your Airbnb business is no exception. You have to account for cleaning costs, maintenance expenses, supplies, and listing improvements. While it seems like these expenses can add up, they may be beneficial when it’s time to file and pay your Airbnb taxes. Operating an Airbnb can offer […]

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