Traditional employees aren’t the only ones who can access tax-advantaged retirement accounts. In fact, freelancers and contractors have even more options for retirement savings. Two of the best retirement plans […]
Airbnb tax deductions can help hosts save a bundle at tax time. Each deduction reduces your tax liability, so they play an important role in tax planning. There are tons […]
We’ve been receiving numerous inquiries from people who have Sharing Economy Income and also Social Security Disability Insurance (SSDI). If you’re on SSD or SSI, sharing economy income can impact […]
Are you missing an important deduction, one that will help you live the freelancing lifestyle from wherever you travel? If you write for others from someplace other than a repurposed […]
Tracking your income and your expenses is the first and one of the most important steps in understanding your tax obligations. Accurately calculating your net income (earnings less deductions) will give you the clarity you need to determine whether you are required to make estimated payments and whether you will be subject to underpayment penalties, for example. Calculating annual income Whether you’re paid hourly, weekly, or receive a fixed salary for the year, knowing how m […] […]
As a business owner, tax deductions are your best friend. By leveraging your qualified expenses against your income, you can effectively lower your tax obligation. When it comes to qualified […]
Corporate taxes can be a confusing subject for Airbnb hosts. If your Airbnb business is incorporated, you probably need some help preparing your taxes. You need a lot of paperwork […]
If you drive for Uber or Lyft, you have two options for deducting your vehicle expenses. Drives can choose to take the standard mileage rate or Section 179 deduction. The […]
With the increasing popularity of sites like Upwork, many professionals are embracing freelance work. These platforms allow professionals to build their businesses, supplement existing income, and free themselves from the […]
Rideshare business owners are facing new tax regulations following the passage of the Tax Cuts and Jobs Act (TCJA) some of which have affected leasing and depreciation tax rules. As a result, Tax Reform means that rideshare business owners now need to reassess the implications of lease vs. buy tax before deciding to lease or purchase new vehicles.Here are some important points to consider in evaluating lease vs. buy tax.Lease Tax Treatment vs. Depreciation Depreciation is a tax method tha […] […]