Recent changes in tax regulations have created significant savings opportunities from some taxpayers. Now, taxpayers can claim new discounts on their 2018 tax returns. These extended federal tax breaks can save certain people big money in taxes, but you have to file an amended return to claim them if you paid taxes in 2018 Amended […]
Category: Tax Tips
How to Claim the Self Employed Health Insurance Deduction
Working as a 1099 contractor isn’t always easy, but it comes with some tax benefits that aren’t available to W4 employees. Healthcare is a huge expense for millions of Americans, but most employees can’t deduct the expense on their taxes. However, self-employed workers get special treatment in this regard. Qualifying independent contractors can claim a […]
3 Last-Minute Uber Driver Tax Deductions for 2020
Driving for rideshare is a great way to earn money at your own pace, but it complicates your tax situation too. You work for yourself, so there’s no one to withhold taxes from your check. You’re responsible for paying your own taxes, but you can reduce your year-end tax bill with deductions. Most deductions come […]
How to Calculate Amortization Expense for Tax Deductions
Amortization is a term you’ve probably heard a few times, but it’s a little tricky to define. To complicate things more, it has more than one meaning in the financial sense. However, it’s important that you understand how amortization impacts your business taxes so you can take advantage of amortization expense deductions. Learning about amortization […]
What is a W9 Form and How to Get One
If you work as an employee, your employer automatically withholds money to cover your taxes. However, freelancers and independent contractors need to handle their own taxes. If you’ve been freelancing for a while, you’ve probably had a client that asked for a W9 form. You probably know that these forms list your tax data for […]
How to Pay Your Cryptocurrency Taxes and Stay Out of IRS Trouble
Cryptocurrencies like Bitcoin and Ether have gained a lot of traction over the last several years. However, crypto regulations are notoriously vague, particularly in regard to cryptocurrency taxes. Some crypto traders even found themselves in trouble with the IRS for unintentionally violating tax laws. Last year, the IRS began a highly-public crackdown on Crypto tax […]
How to Pay IRS Taxes Online
We like to do a lot online these days, including ordering food, selling our services, paying our bills, and even checking our mail from our phones and our laptops. As the government works to catch up with the digital age, we are starting to see the IRS adapt to our methods. Earlier this year, the Internal Revenue Service (IRS) launched IRS.gov, their new website. And to get right to the point, there are two primary functions we recommend that everyone know how to use at a minimum: Pay […] […]
How to Get Your IRS Tax Transcript Online
If you’re an American taxpayer, the IRS has a file on you. The IRS tracks tax payments, income, deductions, and other important tax information. If you ever find yourself in need of this information, you can ask the IRS to send you a tax transcript that details all the information they have on file. If […]
4 Tax Planning Tips For Short-Term Rental Hosts
Airbnb hosting is a first-time business for many, so a lot of hosts aren’t familiar with the intricacies of the tax system. However, a little Airbnb tax planning can help you save a lot of money at the end of the year. You don’t have to overhaul your whole business because a few minor tweaks […]
Tax Tips: Understanding Book to Tax Adjustments
Book income measures your business’s financial performance, but it doesn’t always line up with your business’s taxable totals. Sometimes, you need to adjust your book income to accurately report your taxable income. However, the process requires some effort. These changes are called “book to tax adjustments” and they’re complicated. However, you can learn how […]