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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…
2020 Stimulus: Does My Small Business Qualify for an Economic Injury Disaster Loan (EIDL)?
Freelancers and self-employed business owners experiencing financial hardship due to Coronavirus (COVID-19) have the option to apply for an Economic Injury Disaster Loan (EIDL) — a low-interest federal disaster loan that's directly administered by the Small Business Administration (SBA). Learn whether you qualify for this loan and how receiving one may affect your taxes. Read more…
What is the Paycheck Protection Program (PPP) Loan?
The Paycheck Protection Program loan provides up to eight weeks of financial assistance to small businesses that maintain their payroll during the COVID-19 pandemic. The loan is forgivable under certain circumstances. Read more…
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…
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