How to Check Your Tax Refund Status

If you overpay on your taxes, you’re eligible to receive a tax refund. Usually, refunds are the result of employers withholding too much money. However, self-employed individuals may receive a refund if they overpay on their estimated taxes. If you are one of the lucky taxpayers who gets a tax refund, here’s how you can […]

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Easy Expense Tracking for Maximum Deductions

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 […] […]

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Tax Planning Can Save You Thousands

Paying taxes can be a hard pill to swallow for many taxpayers, especially if their tax bill is high. Your business has had a great year, you have increased your profits, and whether you’ve noticed it or not, you’ve simultaneously increased your tax bill. It’s only natural that the IRS is going to want a […]

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Mileage Reimbursement Rules for Uber Drivers and Turo Owners

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 expenses, the IRS allows a lot of regular business expenses to be written off. One of the best deductions for business owners and independent contractors […]

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Hobby vs Business: How to Classify Your Rental Income

Is Your Rental Activity a Business?If you plan rent out a room of your home or a second home on Airbnb to earn extra income, you need to know how to determine if what are you doing qualifies as a business or hobby in order to properly prepare your taxes. Here are the rules to help you figure out if your rental activity is a business or hobby.How the IRS Defines a Business vs. Not-for-Profit (Hobby) There are nine factors that the IRS considers in determining whether your rental activity is a bus […] […]

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