Are you missing an important deduction, one that will help you live the freelancing lifestyle from wherever you travel? If you write for others from someplace other than a repurposed room in your home, you might be. Time is money, and in this case, it might help pay for a trip too. Tracking your […]
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 […]
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 […]
The tax code is complicated and confusing for many taxpayers. To make matters worse, the law is constantly changing, so it’s next to impossible for most business owners to keep up-to-date. It’s no wonder that many people have difficulty with tax preparation. Unfortunately, you can’t avoid it unless you want the IRS to come knocking. […]
One of the leading questions when it comes to tax preparation is, what determines my tax rate? Tax rate measures the percentage of your income that you pay in taxes. Understanding your tax rate is important because it can help you better strategize your taxes, and that could save you big money in the long […]
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, […]
We are dealing with unprecedented times. The prolific spread of COVID-19 has caught many taxpayers off guard. With mandatory social distancing in place, many small businesses have been forced to temporarily close or alter their business practices. The COVID-19 outbreak had a tremendous impact on many taxpayers. Self-employed workers and small business owners were among […]
Are you ready for this tax year? With the end of the year fast approaching, now is the best time to consider your tax strategy for the new year. By planning ahead, you can maximize your deductions before tax season begins. […]
If you are self-employed or work as an independent contractor, tax deductions are really important for lowering your tax obligation. One such deduction that can be of tremendous help is the qualified business income deduction also known as QBI. The QBI deduction is available for small business owners and self-employed and allows them to deduct […]
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 […]