Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the...
It's coming to the end of summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during...
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax...
Generally, income received from any source, including tips, is taxable. Here's some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their...
Quickly File Your Receipts They come in many forms these days via email, paper print out and texts. Therefore, something you should get into the habit of doing is recording your receipts as soon as you possibly can. Put aside time during the day (or week at the...
Many freelances have multiple tasks to handle at the same time which leaves little time for bookkeeping. However, proper bookkeeping will assist you in tracking invoices and collecting payments from clients. In addition, this will ensure proper cash-flow management....
When many employees went from working in an office to remote we were not thinking of the tax implications of working from home. Today we are currently in the 9th month of working from home. If you have not considered what your 2021 tax filing will look like now would...
Outsourcing your small business bookkeeping has never been more simple or accessible as it is today. The expansion of online technology and cloud computing has changed the way that we all conduct business. Do you find yourself behind on your Bookkeeping? If so, it is...
Continually I am asked by small business owners what Home Office Expenses can be utilized to reduce their tax liability. To claim these deductions, the office or workshop space used needs to be the principal place from which the business is run, and it needs...
The new gig economy is defined as taxpayers earning income by providing on-demand work, goods, or services. This type of work is carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including ride-sharing,...
