When it comes to filing your taxes, there are a couple of different ways you go about it. You can file a paper return by mail, or you can e-file. […]
Category: Tax Tips
The New Qualifying Relative Rules
The IRS typically affords tax breaks to taxpayers with qualifying dependents to compensate for their additional costs. The most prevalent type of dependent is children, but qualifying relatives often include […]
Investing in Art and NFTs for Tax Deductions
For high net worth individuals, tax strategies and investing go hand-in-hand. If you’re not diligent about the tax consequences of your investments, you may owe the IRS far more than […]
The October Corporate Tax Deadline: What You Need to Know
Filing taxes can be a headache for any small business. But, corporations, in particular, face a unique set of challenges. Sole proprietors file a Schedule C with their personal tax […]
IRS Schedule C Instructions For Independent Contractors
For independent contractors, filing taxes is a little more complicated. Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. 1099 contractors must use IRS […]
Updated Tax Brackets for 2021 for Single and Joint Filers
If you have an income, you’re responsible for taxes. The government taxes everyone, but Uncle Sam taxes wealthier taxpayers at a higher rate. Your tax bracket depends on how much […]
Can Section 1231 Help You Save on Taxes?
Most business owners know the IRS taxes long-term capital gains at a lower rate than ordinary income. However, Section 1231 of the Internal Revenue Code offers an exception to this […]
A Complete Guide to IRS Form 8995 and How to Use It
Many business owners have heard of IRS Form 8995. But what does this do for small businesses? And how can you use IRS Form 8995 to save your business money? […]
Should I File With Schedule C-EZ?
As a small business owner, it’s easy to become overwhelmed with tax-filing requirements. The number of different IRS forms can seem extremely confusing. For example, in 2018, qualifying businesses could […]
Free Self Employment Tax Calculator and Other Tax Resources
Owning your own business or working as an independent contractor has its perks. You can set your own rate, and work when and where you want. This is what has […]