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 report income on Schedule C-EZ, which is a simplified version of a Schedule C form. However, beginning in the 2019 tax year, the IRS eliminated […]
Category: Tax Tips
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 drawn so many individuals to the Sharing Economy. Whether it’s Airbnb, Upwork, or Turo – the platforms are flexible, and … if done right, can […]
Hurdlr Review: Is It The Best Self-Employed App?
Being self-employed or working as an independent contractor can be a rewarding and lucrative way to earn income. However, the busier you are running your business, the more you may struggle to maintain the accounting fundamentals of your business. With software programs like Hurdlr, you can have your cake and eat it too. It can […]
IRS Updates the 2021 Tax Deadlines
When it comes to the pandemic, we are starting to see the light at the end of the tunnel. Hopefully, this progress is sustainable. And while things are starting to look more optimistic, many small businesses are still reeling from the economic ramifications of the pandemic. Now more than ever, business owners are concerned about […]
The Self-Employment Ledger: How to Start and Why It’s Important
When you own your own business or are self-employed, you have many more responsibilities regarding your bookkeeping and finances. It is important to keep accurate bookkeeping for your self-employment income and business expenses. This enables reliable forecasting, allows for strategic tax planning, makes preparing and filing your taxes a lot easier, and is instrumental in […]
Best Invoicing Software for Freelancers
Businesses can’t survive unless they’re making money, and invoicing software can help you get paid quickly and efficiently. Some companies choose to implement their own invoicing systems, but DIY invoicing can become cumbersome once your company gets larger. The best invoicing software helps you receive payments quickly and efficiently with low transaction fees and user-friendly […]
Joe Biden Stimulus: What Does It Mean For Small Business?
Recently, President Biden released his proposed COVID-19 economic stimulus plan. Dubbed the “American Rescue Plan,” this proposal would amount to a $1.9 trillion total stimulus package. With that much spending, businesses are asking how they will be impacted. Specifically, how will the Biden stimulus proposal affect small business and self-employed taxes? As such, we’ll use […]
How The December 2020 Package Affects Small Businesses
The pandemic devastated the small business sector in 2020, so the government passed another round of stimulus measures in December of 2020. This December 2020 stimulus package provided additional support for the Coronavirus Relief Fund (CRF), including direct payments to individuals and more loans for struggling businesses. The bill also extends supplemental unemployment benefits and […]
Home Office Deduction: What You Need to Know
As a business owner, tax deductions are your best friend. They help lower your taxable income, which helps you lower your tax bill. Qualified business expenses can actually be a huge benefit come tax time. Office supplies, marketing costs, and even office rent can qualify as a tax deduction. One commonly used write off for […]
Tax Document Checklist: Don’t File Without these Forms
The countdown is on until tax day. With just a short time away from the tax deadline, if you haven’t started preparing your taxes, there is no time like the present. It is important to file your taxes on time to avoid unnecessary penalties from the IRS. However, it is also important to prepare your […]