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 […]
Category: Legal
Who Qualifies for Coronavirus Direct Payments?
The economic turmoil caused by the coronavirus has been substantial, especially for small businesses. Many people have found themselves out of the job, which has put undue financial stress on many American households. In response to the economic impact of the coronavirus outbreak, U.S. lawmakers recently passed an economic relief bill to support the public […]
Coronavirus Resources for Small Business
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 […]
Coronavirus Update: IRS Announces Major Tax Deadline Extension
Many businesses face significant uncertainties as a result of the COVID-19 outbreak. Officials ordered most businesses to close, and the ones that remained open are struggling to keep up sales while maintaining health standards. At this point, a serious economic downturn seems avoidable. However, the government is taking drastic action to support businesses and individuals […]
Building a COVID 19 Business Continuity Plan
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, […]
Lyft Taxes: Tax Tips for Rideshare Drivers
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 […]
Turo Insurance for Fleet Owners: Everything You Need to Know
The Sharing Economy has changed the way we conduct a lot of business. From where we stay when we travel, to how we care for our pets, and even how we get from point A to point B. Ridesharing like Uber and Lyft have pioneered the Sharing Economy industry, paving the way for companies like […]
How Does Airbnb Hosting Affect Taxes?
Renting an extra room on Airbnb is a great way to generate some side income. However, the income you earn isn’t tax-free. Some hosts only use the platform to supplement their income but, for others, it’s a full-time business. Either way, every dollar you earn on Airbnb could affect your tax situation, so it’s important […]
Self Employed Taxes For Dummies: A Foolproof Compliance Guide
Self employed taxes can be a hassle. However, you need to understand them if you want to run a successful business. Each tax situation is unique, so you should at least understand what you’re up against. If taxes drive you crazy, you’re not alone. However, every business owner should be aware of their potential tax […]
Small Claims Court for Small Business Owners
As a small business owner, you work hard to protect your business and your assets. In a perfect world, everyone gets along all the time and agrees and authenticates financial agreements. However, as a small business owner, you may be faced with some disagreements at some point in time. Perhaps a customer damaged your property, […]