Posts by Krystal Smith
Should You Hire a W-2 Employee or a Contractor?
When you need more people for your business, weigh the pros and cons of hiring an employee versus an independent contractor.
Read MoreDo I Need to Pay Estimated Tax to the IRS?
If you are a small business owner or independent contractor, you probably need to pay estimated tax each quarter. Here is a guide to this obligation.
Read MoreWhat Are the Tax Implications of Working Remotely?
Many Americans have now shifted to a remote work environment. What does the change mean for your taxes?
Read MoreWhat Is the IRS Taxpayer Relief Initiative?
Millions of Americans still owe billions to the IRS in back taxes, interest, and penalties, but the Taxpayer Relief Initiative offers some assistance.
Read MoreHow Do PPP Loans Impact Business Taxes?
The Paycheck Protection Program (PPP) was first introduced under the CARES Act, and the latest relief bill clarified specific tax implications.
Read MoreWhat Tax Provisions Expired in 2020?
Many tax provisions introduced in the CARES Act were set to expire at the end of 2020. Which lapsed and which were extended?
Read MoreWhat the Special $300 Charitable Deduction Means for 2020 Taxes
The CARES Act includes a special provision that allows taxpayers to deduct up to $300 in charitable contributions. Learn more about who and what qualifies.
Read MoreDrive Down Your Taxes with These Vehicle Deductions
Car and truck expenses can be confusing on your tax return. What are considered eligible expenses? And what are the current limits and mileage rates? Key takeaways: An individual who owns a business or is self-employed can deduct vehicle expenses Automobile costs based on mileage or actual expenses are eligible Mileage rates have changed between…
Read MoreCOVID-19 and the Home Office Deduction
Roughly a third of Americans are still working from home because of the pandemic, and many mistakenly believe they qualify for the home office deduction. Here’s everything you need to know if you work remotely. Since the beginning of the COVID-19 pandemic, around a third of Americans have transitioned to working from home. This means…
Read MoreBeware the “Dirty Dozen:” Common Tax Scams to Avoid
In 2020, the IRS released a “Dirty Dozen” of prevalent tax scams. Here’s what to watch out for! The IRS regularly compiles a list of the “Dirty Dozen,” or the 12 most common scams that target taxpayers. This list is always changing and evolving, and some risks have been heightened because of the COVID-19 pandemic.…
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