1099 NEC vs MISC: Key Differences and Uses 

Modern businesses are increasingly relying on independent contractors to fill jobs and essential roles, and 1099 Forms are becoming more and more common on tax returns. However, determining the right 1099 Form to file can be challenging for small businesses thanks to the advent of new form options. So, what is the difference between a […]

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What Is an IRS 4868 Form? [Free PDF]

  Most adults have needed some slack at one point in time or another. Maybe a young person starting out needs a loan from the parents. In other instances, drivers who missed a stop sign or speed limit indication could ask for leniency from an apprehending police officer. Still other cases may find struggling students […]

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Home Office Deduction Tips for Airbnb Hosts

If a portion of your home is used for conducting business, you may qualify for a home office deduction. You can choose from a couple of different methods for calculating the deduction. You might also need to know your total deduction for IRS ID verification purposes. We’re going to show you how to get it […]

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IRS Hobby Loss Rules: Deductions for Doing What You Love

  Have you ever considered turning a hobby into an income-producing activity? Starting a second business around something you love to do can provide outstanding tax benefits. But, before diving into a new enterprise, individuals should understand IRS hobby loss rules. These rules provide strict guidelines about what you can and cannot deduct. As such, […]

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Section 179 for Small Businesses 2021

As a business owner, you work hard to minimize expenses and maximize profits. However, your expenses also reduce your tax liability, so they can be advantageous in some circumstances. Section 179 gives business owners the right to deduct the full cost of business assets. As a result, this rule can provide you with some substantial deductions. […]

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Can I Still Get a Self-Employment Tax Deferral?

In 2020, the US Congress passed the CARES Act to help ease pandemic-related difficulties for small businesses and taxpayers.  One of the act’s key provisions allowed some taxpayers to take a self-employment tax deferral. Across the country, many businesses and self-employed individuals took advantage of the deferral.  However, a key deadline for deferred tax payments […]

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How to Save with the Alternative Motor Vehicle Credit 🔋

The federal government wants businesses to adopt sustainable energy, and they’re offering tax breaks to incentivize business owners. Businesses who make the leap can get tax credits, rebates, and more. The alternative motor vehicle credit helps offset some of the costs associated with switching to sustainably fueled vehicles, but it’s only available for certain vehicles. […]

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