Etsy sellers can save a lot of money by taking advantage of tax deductions. If you’re not familiar with tax write offs, you might be surprised when you learn how much you can save. Every business owner and 1099 contractor should take advantage of these tax savings. Most independent contractors can reap significant benefits by […]
Category: Tax Tips
How To Get A Tax Return Transcript In 10 Minutes
Tax season proves to be a busy time of year for many people. Obtaining a copy of your tax return transcript can help you easily gather your essential tax info. It is also a best practice to confirm that the information received by the IRS aligns with the forms you’ve received from employers and clients […]
2020 Tax Changes For 1099 Independent Contractors
If you work as an independent contractor or are self-employed it is important to stay up to date on the latest tax changes. As we start gearing up for tax season, you may be wondering what has changed for tax year 2019 (filed in 2020). With the passage of the Tax Cuts and Jobs Act, […]
Do I Have To Pay Getaround or Turo Taxes?
Are you keeping up with your rideshare taxes? You should be aware that your income may be subject to taxes based on a few different important factors. […]
11 Side Business Ideas for 2020
These days, almost anyone can start a business. The rise of shared economy platforms created many opportunities for anyone with an entrepreneurial spirit. Now, every day people can start a side business with little to no upfront cost. Aspiring side hustlers can use the stuff they already own to generate income, so starting a side […]
How To Calculate Depreciation Expense
Depreciation has a bad reputation. After all, nobody wants their assets to lose value. However, from a business perspective, depreciation helps your tax situation. Business owners need to keep close track of their depreciation expenses. Then, they can deduct it at tax time. To get started, you need to know how to calculate depreciation expense. […]
How to Pay Quarterly Taxes Online or By Mail
How to Pay Quarterly Taxes Online or By Mail For business owners, taxes don’t end on April 15th. Most self-employed professionals and business owners need to pay quarterly taxes. Quarterly taxes represent down payments on your annual taxes. If you’re running your own business, nobody is withholding taxes from your checks. However, that doesn’t mean […]
Tax Deadlines for Airbnb and VRBO Hosts
Are you keeping up with your Short-Term rental taxes? Whether or not you will need to pay taxes depends on how many days you rent your property during the year, how much you earn, and where your property is located, among other factors. […]
Tax Mistakes To Avoid – Get Your Taxes Right The First Time
If you participate in the Sharing Economy, be it opening up your home on Airbnb or sharing your car on Turo, you know that it can be very rewarding. While you may enjoy running your business, the bottom line is you are generating an income. This income, regardless of if it is part time or […]
The Effects Of AB5 On Freelancers
AB5 has sparked a lot of publicity over the last several months. Ever since the Dynamex decision of 2018, there has been a lot of back and forth between independent contractors, those wanting full-time employment, and gig economy giants like Uber and Lyft. However, the reaches of AB5 extends further than just the ridesharing economy, […]