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HSA Taxes: Healthcare Savings Account Tax Tips

A healthcare savings account allows you to set aside money on a pre-tax basis to pay for qualified medical expenses. It was established to provide individuals with High … See more

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FFCRA Tax Credits for Self Employed: Family Leave and Paid Sick …

WEBSelf-employed workers can claim sick leave credits if they’re unable to work because they’re quarantined, experiencing COVID-19 symptoms, or seeking a medical …

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How to Claim the Self Employed Health Insurance Deduction

WEBIf you spent $10,100 in combined insurance and medical expenses, you could only claim a $100 health insurance deduction under those rules. Conversely, a self …

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The Self-Employment Ledger: How to Start and Why It's Important

WEBMaintaining an updated self-employment ledger can help you better manage your finances and budget. Tracking your income is also important for forecasting and …

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A Complete Guide to IRS Form 8995 and How to Use It

WEBForm 8995 or 8995-A, as applicable, must be attached to any return claiming a qualified business income deduction beginning in 2019. As with most tax issues, the …

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How to Find the Best Tax Professional

WEBImage Credit: Wisebread, https://bit.ly/2XxAkl9 These issues can be financial. Taking on a business with too much leverage can create burdensome debt …

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Obamacare and Your Taxes: 2020 Edition

WEBObamacare and Your Taxes: 2020 Edition. The Patient Protection and Affordable Care Act (ACA), aka Obamacare, came into effect in 2014. Some of the rules …

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Tax Planning Can Save You Thousands

WEBThe goal of tax planning is to save money on your taxes. Some basic aspects include: lowering your AGI (adjusted gross income), leveraging tax deductions, and …

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Free Self Employment Tax Calculator

WEBSelf-employed taxes represent both your portion and the employer portion of social security and medicare taxes. For W2 wage earners, they pay into social security …

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How to Calculate Amortization Expense for Tax Deductions

WEBSince it’s an asset, you can’t immediately claim a $100,000 write off for the year you purchased the license. Instead, we can use the straight-line method to …

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Inflation Reduction Act IRS Funding: Explained

WEBThe Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions …

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How to Calculate Profit Margin and Improve Profitability

WEBYour business earned $100,000 in profit in the second quarter, and revenues came in at $300,000. To calculate the net margin, take the $100,000 quarterly profit and …

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2020 Tax Changes For 1099 Independent Contractors

WEBIf you work as an independent contractor or are self-employed it is important to stay up to date on the latest tax changes. As we start gearing up for tax season, you …

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What is Excise Tax

WEBWhat is the Purpose of Excise Tax? The excise tax is often used as a way to discourage people from purchasing these items. In some cases, the government may …

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The New Qualifying Relative Rules for 2021

WEBQualifying relatives can be direct descendants, children, step-children, foster children. It can also apply to grandchildren, great-grandchildren, and so on. In-laws, …

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Child Tax Credit 2022: How Much Can You Get

WEBA couple that makes about $100,000 with two qualifying children under the age of six can expect to receive $7,200 under the new plan. They would be eligible to …

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Uber Tax Deductions List for Drivers

WEBIn order for it to make sense to itemize, your deductions need to be greater than the standard deduction which is $12,200 for single filers, $18,350 for the head of …

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The Best Monthly Bookkeeping Services for 2023

WEBIn addition, Bench’s focus on small businesses allows them to tailor their services to meet the specific challenges these companies face. Pricing: Monthly fees for …

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