If you hire someone for child care who is over 18, who you’re not related to, who is expected to work for you on a regular schedule, and who you’ve paid over $2,100 in the year (or over $1,000 in any given quarter), you should be withholding taxes for them.
An IRS tax return transcript shows most line items including your adjusted gross income from an original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. Your tax transcript is only available for the…
Let’s just be straight about it—we all want to save money on our taxes. Anything that allows hard-working creatives, small business owners, and generally awesome individuals to (legally) keep more of their hard-earned cash is a huge win. While most…
As a small business accountant, the question I probably get more than any other is, “Can I deduct this?” And it makes sense—small business owners work hard for their money, and want to save every penny they can from getting…
Unfortunately, job search expenses are no longer deductible. Due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017 job search expenses are not deductible in the tax years 2018 through 2025.
The first way to avoid a penalty here, of course, is to ask for permission rather than forgiveness—if you know you are going to need extra time to file for your returns, file for an extension before tax day using Form 4858 if you’re filing as a sole proprietor or Form 7004 if you’re operating as a corporation. While you’ll still need to pay what you expect your tax to be by tax day, this grants you extra time to get your affairs in order to file.
In today’s world of side hustles, turning your passion into your job, and marketplaces that allow anyone to make money off anything, the line between a hobby and a business can seem like a fuzzy one. But since hobbies and…
Maybe you’ve dabbled with the idea of renting out your property to make some extra money but are worried it’ll end up costing you more than it’s worth come tax time. Or maybe you just don’t want to deal with…
Entrepreneurship can be a lonely job. Before I started my business, I thought every day would be filled with clients, friends, and family, enjoying coffee and brunch dates and just being surrounded by people who got me all the time….
Technically you’re not allowed to start taking standard business deductions until your business has actually, well, started. Which, in the eyes of the IRS, means you’re ready to provide or have started providing the goods or services you’re going to…
