There are plenty of audit myths floating around, but that’s all they are – myths. In this article, we will take a close look at some of the more prevalent tax audit myths out there. For each myth, the truth will be revealed, so you can know exactly what to expect during an audit. Understanding …
Top 8 Myths & Facts About Tax Audits: Know the Truth Read More »
Itemized deductions and the standard deduction reduce the amount of income on which you must pay taxes. Which is worth more, though? Taking itemized deductions can be quite a bit of work when filing your tax return, especially when doing this on your own, for the first time. Unfortunately, you can only take one; you …
If you are self-employed, you will probably need to file a tax return, pay self-employment and income tax on your annual tax return, and possibly even pay quarterly estimated taxes throughout the year. Paying taxes as a self-employed individual can get complicated, especially if you plan to take many deductions on your tax return. This …
How to Be Self-Employed | 2020 Complete Tax Guide Read More »
If you are wondering whether you need to make estimated tax payments, chances are you should, but this article will help you figure out if you need to – if you are unsure. We will cover who needs to pay estimated quarterly tax payments, how much you need to pay – if you need to …
How to Make Estimated Tax Payments | 2020 Complete Guide Read More »
It’s important to understand what capital assets are, how to calculate capital gains and losses, and what this means for your taxes. Short-term capital gains and long-term capital gains are treated differently. The government encourages taxpayers to have long-term investments so if you own your capital assets for over a year, the tax rate only …
Businesses rely on team communication and organization tools to keep their team members on the same page. However, not just any tool will work for a business. Businesses must find the right tools for their teams to be successful. Once the right tools are in place, the remote workforce can have communication using real-time messaging, …
The Best Communication and Organization Tools for Teams Read More »
In gambling, there are winners and losers, but even the winners will lose if they don’t pay taxes on their winnings. Yes, gambling winnings are completely taxable; you must report the gambling winnings on your tax return. The winnings you receive from gambling or betting is considered by the IRS to be taxable income. This …
Gambling and Taxes: What You Need to Know When You Win Read More »
Are you going to miss the July 15 deadline? Use IRS Form 4868 to apply for a six-month extension to file IRS Form 1040. This will give you an extension for filing your taxes only; it does not give you an extension on the payment you owe. You will need to file the extension by …
More than 80 million tax returns were filed with the help of a tax professional in 2019. Were you one of the Americans who used a tax professional? Were you prepared for your tax consultation? Were you happy with your representation? Did you use a tax accountant or another professional? If you have a pro …
Did you know that millions of Americans have a side hustle today? If you haven’t started your side hustle yet, what are you waiting for? Are you afraid of failure? Not sure if you’d make any money? Can’t decide on which side hustle to try? If you are having trouble deciding, consider these statistics: 50% …
2020 Ultimate Side Hustle Guide: Everything You Need to Get Started Read More »
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