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Buisness

Business Startup Costs & Taxes What and How to Make Deductions

Business Startup Costs & Taxes: What and How to Make Deductions

If you are starting a new business, you are probably facing a lot of business start-up costs. This can be very confusing when it comes to taxes. What can you deduct in year one, and how do you make deductions in the following years? It’s an overwhelming situation.  Luckily, the government allows you to deduct …

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How to Be Self-Employed | 2020 Complete Tax Guide 1

How to Be Self-Employed | 2020 Complete Tax Guide

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 …

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2020 Complete Survival Guide for Working from Home

2020 Complete Survival Guide for Working from Home

Millions of Americans have lost their job due to the coronavirus pandemic. Many workers have been able to continue working but have resorted to working from home. The concept of doing remote work was once quite coveted. However, the challenges that come with it are now being realized.  How to Set Up Your Home Office …

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Home Office Business Deduction Can You Take It

Home Office Business Deduction, Can You Take It?

With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction.  Often the words “home office deduction” make taxpayers fear it as an audit trigger. However, …

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Small Business Taxes What Can You File on Schedule C

Small Business Taxes: What Can You File on Schedule C?

According to the IRS, the most common federal tax form filed by the majority of one-owner businesses is Schedule C. It is the “Profit or Loss from Business” form. The form is used to report business income and business expenses. Business income is any income you receive that is related to your business. It is …

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Taxable vs Non-Taxable Income Cash Spread

Taxable & Non-Taxable Income: What’s the Difference

The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable. Income can be in the form of services, property, or money. The IRS has outlined …

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Hire someone to do your taxes

5 Major Reasons You Should Hire Someone To Do Your Taxes This Year

Are you thinking of filing your tax return on your own? Taxes often seem straightforward until you sit down to do them. But then you’re drowning in tax documents and pulling your hair out trying to figure out what information goes where. If you’re asking yourself, “Should I hire someone to do my taxes?” you …

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7 Things the IRS Doesn't Want You To Know cover

7 THINGS THE IRS DOESN'T WANT YOU TO KNOW

Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.