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 […]
Category: Tax Tips
Child Tax Credit 2022: 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 if you have a qualifying child. This year, the credit was expanded in an effort to help alleviate the financial difficulties caused by the pandemic. […]
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 […]
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, […]
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 headache in April so, whether you’re going it alone or working with an accountant, it’s always best to get started as soon as possible. You […]
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. […]
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 […]
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. […]
Year-End Tax Planning Checklist 2021
The end of the year is always a busy time of year. While you may be focused on the upcoming holidays, it is also a good idea to run through your year-end tax planning checklist. As we prepare to close the book on 2021, there are a few key things to get in order to […]
How to Get an IRS Identity Protection Pin
Identify theft is running wild in the US, and tax returns are a prime target for bad actors. To combat this issue, the IRS started assigning IRS identity protection pins in January of 2011. These six-digit numbers protect taxpayers’ identity and make it easier for the IRS to process your return. What is an IRS […]