Indeed, electric vehicles (EVs) are becoming quite popular with those who can afford them, that is. Not only are they quiet, but they emit no carbon dioxide as they run. […]
Category: Tax Tips
What is Excise Tax?
varItMak Most people are well aware of income tax and sales tax, but are less aware of excise taxes. So what is excise tax? What are Excise Taxes? An excise […]
Schedule C vs Schedule E for Airbnb Income
Many things set Airbnb hosting apart from other rental properties. Let’s discuss this big difference: some Airbnbs qualify as non-passive income and are reported on Schedule C. Furthermore, this post […]
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 […]
SEP IRA: The Best Self-Employed Retirement Account?
According to the recent numbers in a Pew Research study, about 16 million people in the U.S. are self-employed. If you are one of them, you already know that building […]
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 […]
Child Tax Credit: How Much Can You Get?
The IRS child tax credit has been a part of the tax code since 1997. This provision allows you to deduct a certain amount of money from your taxable income […]
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 […]
Top-5 Tax Tips for a Stress-Free Filing Deadline
Tax season is approaching rapidly, so it’s time to start preparing for a smooth and successful filing deadline. Getting your ducks in row early can save you from a major […]
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 […]