by Karla Dennis | Apr 2, 2020 | Blog, Taxes
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file early. Here are a few top reasons why you should… Reduce your stress. When you wait until the last minute, it can spike stress levels. The dread of the impending tax deadline, the worry of compliance—it all adds up to tax season anxiety. Make this the year you file early and cut back on the stress of the season.Reduce the risk of identity theft. Once your return is filed with the IRS, personal information (such as SSNs) is locked and cannot be used again by anyone. Filing your taxes early really can help reduce or eliminate the risk of identity theft.Expedite your refund. If you believe you are due a refund this year, the sooner you file the sooner you’ll receive your refund. And who doesn’t want that?!Additional time to identify other potential tax savings. When you supply our team with all your documentation early, it offers extra time to prepare your return and identify any additional savings. Filing earlier also affords you more time to gather your documentation and search for any additional paperwork needed. More time to pay your tax bill. If you owe the IRS money, filing early gives you more time to save in order to pay your tax bill by the individual tax return deadline. read...
by Karla Dennis | Mar 13, 2020 | Taxes
Do you run an Etsy shop or sell jewelry in your spare time? Have you always dreamed of turning your hobby into a business? If so, it’s important to realize that the IRS has specific tax rules about this type of enterprise. Before you take the leap from hobby to enterprise, consider the following to help you stay compliant: If the IRS classifies your business as a hobby, you have to prove a valid profit motive if you want to claim related deductions. If your business claims a net loss for too many years or fails to meet other requirements, the IRS may classify it as a hobby. For tax years beginning in 2018, this will prevent you from claiming any hobby-related expenses against your hobby income. read...
by Karla Dennis | Jan 30, 2020 | Taxes
Being an Uber/Lyft driver can be a very difficult job. The job does have benefits such as flexible scheduling, choosing your own hours, and getting quick money. However, there are many drivers who go out of their way to get a good score and make sure that their vehicle is in great shape. After all, your car is a reflection of the business you’re providing. Due to this, many drivers buy small amenities for their clients in order to boost their driving scores. If you are a driver, have you ever thought about how the things you’re doing can be tax write-offs? As a driver, you have certain tax advantages that you need to take advantage of today! read...
