The coronavirus has had a major impact on people’s livelihoods. Americans need all the help they can get during this difficult time. In response to the pandemic, President Trump suspended student loan interest on all federally held student loans. Keep reading to learn everything you need to know about the changes. State of Emergency The […]
How you file your taxes has a lot to do with how much money you save on your tax bill. The IRS has 5 different filing status options, and you must choose one. The head of household deduction is one of the most beneficial filing statuses because it offers those who claim it a larger […]
The coronavirus brought the U.S. economy to a virtual standstill. Mandatory social distancing guidelines have led to grounded flights, canceled reservations, and shuttered business. Small business owners are particularly vulnerable to these obstacles. Luckily, both the private and public sectors are offering extensive support for businesses impacted by COVID-19. These coronavirus resources will help you […]
One of the leading questions when it comes to tax preparation is, what determines my tax rate? Tax rate measures the percentage of your income that you pay in taxes. Understanding your tax rate is important because it can help you better strategize your taxes, and that could save you big money in the long […]
The events of the last several weeks have left a lot of small businesses vulnerable. With the onset of COVID-19, many businesses are either unable to operate under social distancing mandates or have seen a significant drop in business as events have been canceled on a massive scale. For many small businesses like home sharers, […]
HomeAway vs Airbnb, which is better? The timeshare industry has exploded over the last several years. Homeshare sites like HomeAway and Airbnb have gained in popularity. Travelers appreciate having flexible housing options when they travel. There are more short-term rental apps than ever before, so hosts have lots of options. So which platform is best […]
If you are self-employed or work as an independent contractor, tax deductions are really important for lowering your tax obligation. One such deduction that can be of tremendous help is the qualified business income deduction also known as QBI. The QBI deduction is available for small business owners and self-employed and allows them to deduct […]
Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to calculate and remit the correct amount. […]
Navigating the complex nature of self-employed taxes can leave you with a lot of unanswered questions. How does the IRS tax my Lyft income? Do I have to report my income from ridesharing? Will I get a 1099 form? These are just a few examples of common questions about Lyft taxes. If you drive for […]
Many taxpayers save a lot of money with the Earned Income Tax Credit (EITC). This common tax credit can make your refund bigger or, if you owe, it could help you save on your year-end tax bill. While the EITC is a common tax credit, you need to meet certain criteria to qualify for it. […]