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Standard Mileage vs. Actual Expenses: Getting the Biggest Tax Deduction
The IRS offers two ways of calculating the cost of using your vehicle in your business: 1. The Actual Expenses method or 2. Standard Mileage method. Each method has its advantages and disadvantages, and they often produce vastly different results. Each year, you’ll want to calculate your expenses both ways and then choose the method that yields the larger deduction and greater tax benefit to you. Read more…

Maximizing Tax Deductions for the Business Use of Your Car
The business use of your car can be one of the largest tax deduction you can take to reduce your business income. This is a big, big deal. Why two “bigs”? Because your business income is used to calculate two taxes: your personal income tax and your self-employment tax (the amount you pay into Social Security and Medicare as the “owner” of your rideshare business). Maximizing your deduction for the business use of your car will help you minimize these taxes. Read more…

Penalties for Not Filing a 1099-NEC IRS Form
One of the most common reasons for receiving a 1099-NEC is performing work as an independent contractor. Read more…

S-Corp Federal Tax Filing Dates
The S corporation has a responsibility to file an informational income tax return each year as well as a range of other IRS forms. Read more…

A Guide to Paying Quarterly Taxes
As a small business owner or freelancer, you’ll find that mastering your quarterly taxes is a key part of running a successful company. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns. Read more…

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