A Basic Guide to Depreciation for Small Businesses
As a small business owner, you can deduct depreciation that your assets experience over time. Here’s what to know about depreciation and how to calculate it. Key takeaways: Depreciation is the loss of value an asset experiences over time Small businesses can deduct depreciation from assets like cars, property, and equipment There are three methods…
Read MoreTop 7 Reasons You Need to Hire an Accountant
Many Americans take advantage of online tax platforms and do the heavy lifting themselves. But when your situation is a bit more complicated, you need a certified public accountant (CPA) Key takeaways Top 7 reasons to hire an accountant: You’re starting a business You need small business tax planning help You’re self-employed You need to…
Read MoreAre Unemployment Benefits Taxable?
If you were one of the millions of Americans who received unemployment, here’s what you need to know about taxes. Key takeaways: Unemployment benefits are taxable after the first $10,200 Some states don’t require an additional state income tax Use Form 1099-G, which you should receive from the IRS The COVID-19 pandemic led to record…
Read MoreWhen Should I Itemize Tax Deductions?
The standard deduction is the simplest way to do your taxes, but sometimes itemizing will save more money. Learn how to start calculating and which route to choose. Key takeaways: Itemizing deductions means you will list all eligible expense deductions on your tax return instead of claiming the standard. Most Americans claim the standard deduction…
Read MoreWhat Basic Documents Do I Need to Do My Taxes?
If you have several avenues of income or lots of opportunities for deductions, gathering the right tax forms and documents can seem overwhelming. Here are the basics to help guide you. Key takeaways Documents and records you’ll need for your taxes: Income tax forms (W-2, 1099s, etc.) Investment income and retirement information Tax forms for…
Read MoreSuccession Planning and Taxes: What You Need to Know
If you own a business, planning for future transitions and taxation should start now. Key takeaways Business structure matters for taxes, whether it’s a pass-through entity, S or C corporation, or another entity The Tax Cuts and Jobs Act lowered the corporate tax rate, and it also created the qualified business income deduction for pass-through…
Read MoreShould 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 More