Feb 7, 2023 | Small Business Accounting, Tax Planning
Are you unsure what you can deduct as a business owner? Below is a list of common deductions. However, they are in no way an exhaustive list. The IRS allows you to deduct “ordinary and necessary” expenses for your business. So, if the deduction...
Dec 1, 2020 | Small Business Accounting, Tax Planning
Simply put, self-employment tax (SE tax) is Social Security and Medicare taxes paid by individuals who work for themselves. If you are self-employed as a solopreneur (aka sole proprietor), freelancer, or independent contractor, you will owe SE tax if you make at least...
Mar 27, 2020 | Small Business Accounting, Tax Planning
The CARES Act is an estimated $2 Trillion bill that provides aid to several different sectors of the economy. Below are some details on a few of the provisions relating to individuals and small businesses. Individual Provisions Stimulus Payments The bill...
Mar 25, 2020 | Small Business Accounting, Tax Planning
Updates to IRS 2020 Deadlines COVID-19 & the Coronavirus pandemic have delayed the filing deadline for tax returns this year. Until recently, many questions about the details of this announcement were left unanswered. The IRS has clarified some of these issues....
Jan 29, 2020 | Tax Planning
Hi! My Name is Marissa Willits and I’m...
Jan 9, 2020 | Tax Planning
When deducting automobile related expenses, it is imperative that you keep a mileage log. The IRS allows for two ways of deducting automobile expenses. Standard Mileage The first is taking the standard mileage rate. With this method, you take the number of miles you...
