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, […]
Category: Tax Tips
COVID-19 Update: IRS Announces Big Changes in Notice 2020-17
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 […]
The Ultimate Tax Planning Checklist for Homeshare Hosts
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. […]
Qualified Business Income Deduction for Homeshare Hosts
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 […]
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 […]
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 […] […]
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 […]
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 […]
How to File Taxes as an Independent Contractor
Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to calculate and remit the correct amount. […]
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 […] […]