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Accounting and Tax Tips Blog

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...

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A Complete Guide to IRS Form 8995 and How to Use It

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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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...

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Hurdlr Review: Is It The Best Self-Employed App?

Being self-employed or working as an independent contractor can be a rewarding and lucrative way to earn income. However, the busier you are running your business, the more you may struggle to maintain the accounting fundamentals of your business. With software...

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IRS Updates the 2021 Tax Deadlines

When it comes to the pandemic, we are starting to see the light at the end of the tunnel. Hopefully, this progress is sustainable. And while things are starting to look more optimistic, many small businesses are still reeling from the economic ramifications of the...

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