Filing your taxes can create a ton of stress. The US tax code is thousands of pages long – and extremely complicated. Despite this complexity, the IRS expects you to comply with all of these detailed rules. If you don’t, you may face an audit, which can lead to...
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...
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...
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...
Owning your own business or working as an independent contractor has its perks. You can set your own rate, and work when and where you want. This is what has drawn so many individuals to the Sharing Economy. Whether it’s Airbnb, Upwork, or Turo – the...
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...
