Introduction You can deduct certain fees related to your business if they relate to your own taxes. For purposes of this deduction, “professional” includes an attorney, accountant or other person who provides advice about tax matters. If you have a C corporation or S corporation, do not deduct any fees related to its preparation of …
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Introduction You may receive a tax bill if you owe money to the government. Your employer might have withheld income taxes from your paycheck, and those funds are now available for your use. If your filing status was different from what it should have been, you may get an incorrect tax bill. A new income …
Introduction As a contractor, you may be wondering if you are an employee or independent contractor. This is not always an easy question to answer. In fact, there are many different categories of workers in the United States, including those who work for themselves and those who work for others. The IRS has developed two …
Introduction Uber and Lyft drivers are independent contractors, not employees. As such, you must report all income from the business on your own tax return. This includes tips, bonuses, and commissions as well as income from driving for Uber or Lyft. It also includes any other business that you might be involved in – including …
Introduction The 401(k) has become one of the best ways to save for retirement. While it’s not perfect, it tends to be more tax-advantaged than other retirement accounts and offers many features that allow you to reap more rewards from your investment. One of those features is the ability to take out your 401(k) money …
Nonemployee compensation $600 or more during the year. The term “1099-NEC” refers to a form that the IRS requires you to file if you paid nonemployee compensation $600 or more during the year. The rules for 1099 reporting are complex, so it’s important not only to know what they are but also how and when …
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When you’re in debt, it’s easy to feel like you have no control over your finances. But that doesn’t mean you can’t get back on track and start making smart decisions again. In fact, tax resolution and debt relief can be an important part of the process—and one that many people overlook or worry about …
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If you’re like most people, filing taxes can be a stressful experience. The process is complicated and time-consuming—and if it’s not done right, it can lead to even more stress! But there are ways that you can make the process easier: set yourself up for success by creating a filing system and getting organized, then …
Tax planning is the process of identifying and undertaking steps that can help reduce tax and bring forward some income into a viable time period. Tax planning is a combination of financial transactions, business decisions, and legal issues all tied together to create a more effective strategy for managing your income. What is Tax Planning? …
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Running a small business involves more than just getting up and going to work. It’s also about planning for taxes, which is why most small businesses choose to hire Nationwide Tax Resolution tax professional who can help them avoid expensive mistakes that could lead to penalties or interest charges when filing your taxes. In this …
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