Business Tax Tips for Self-Employed, Gig Workers, and Small Businesses

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Income taxes, tax regulations and tax deductions are often confusing to small business owners, the self-employed and gig workers.  The tax tips and articles below will help you better understand common tax matters business owners often need to deal with. If you have any difficulty understanding your tax obligations or filing tax returns be sure to consult a tax professional.

Do you qualify for the home office deduction? Should you take it even if you do? Is it worth the effort? Here’s what you need to know about recent changes to the home office deduction rules.

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The qualified business income (QBI) deduction could save you as much as 20% on your taxes if you meet the qualifications. Find out how this new pass-through deduction works here.

Starting a business is costly, but many of your startup expenses are tax deductible. Make sure you don’t miss out on any tax savings by finding out which of those expenses you can write off.

Getting paid when you work for yourself isn’t as simple as it may seem. Sole proprietors should follow these guidelines for paying themselves in a way they don’t get in trouble with the IRS or other government agencies.

The Tax Cuts and Jobs Act made significant changes to the deductibility of alimony and personal lawsuit recoveries.

If you have a hobby that produces income, your hobby income is taxable. But what about hobby expenses and losses? Whether or not you can deduct hobby expenses and losses depends on whether you pass the IRS hobby vs. business test. Here’s what you need to know to avoid getting caught by the hobby trap.

Taking the mileage deduction when you use your vehicle for business can yield big savings on your taxes. Find out what this year’s mileage rate is and what the IRS’s rules are for taking this deduction.

The SECURE Act, which was passed in December of 2019, enacted new tax laws that affect both employer-sponsored retirement plans and individual retirement plans. Find out how these changes may impact you and your business.

If you inherited your parent’s retirement account, the IRS could potentially take a huge portion of it. Here’s what you need to know to avoid an expensive mistake.

What tax deductions can the self-employed take? Here are 7 important types of tax deductions for home businesses and sole proprietors.

More businesses are hiring people on a temporary basis as independent contractors or freelancers. Don’t set yourself up for financial trouble. Learn how freelance income affects your income taxes.

Do you have a sales tax nexus with other states? What is a sales tax nexus anyway? It’s confusing, but we’ve got help. Here’s what you need to know to be sure your business is in compliance.

If you sell on Amazon, you may have (perhaps unknowingly) established a sales tax nexus with the state in which your Amazon inventory resides. Sound confusing? It is, but this article will help you understand what you need to do in order to comply.

Now that you’re self-employed, you’re responsible for paying your own taxes. The IRS expects you to pay estimated taxes every quarter. Here’s a rundown of what you need to know about calculating estimated taxes.

Nearly half of us believe we pay too much taxes. Are you paying in more to the IRS than you have to? Here are five common tax mistakes that could be causing you to overpay.

Are you paying more taxes than you have to? Author and CPA John Vento provides some advice to help you maximize your post-tax return savings.

When you start a business you’re faced with the decision of what type of business to form: sole proprietorship, LLC, S-Corp, and others. The most basic business entity, the sole proprietorship, may offer you more tax benefits than any other business type. Find out what they are here. 

Don’t fall for tax debt schemes. Find out how to identify scammers pretending to help you pay off IRS debt.

Many small business owners are unaware of the small corporation exemption from paying AMT. The IRS may owe thousands of dollars in overpaid taxes.

Keeping your tax records organized and being aware of the tax laws that apply to you can save you time and money. Here are 7 tips to help you focus now and get tax records organized for the future.

There is no Federal tax return specifically meant for an LLC. Find out how federal tax laws classify and tax LLCs.

Do you live in fear of an IRS audit? The IRS counts on you being afraid to keep you honest, but there are things you can do to lessen the chances of getting audited.

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