If you are a freelancer, run a small business, work for yourself, or have a side gig in 2021, it is essential to file IRS Schedule C come tax time. This article sheds light on what...
One of the latest tax rules entrepreneurs should know about is the Qualifying Business Income (QBI) Deduction. The deduction, also known as Section 199A, is a 20% deduction available...
You might be a professional seller on Amazon, or you disposed of a couple of personal items, it is essential to know how to report such earnings to Uncle Sam when it's tax season. This...
Posted by KLSM CPA Firm PLLC on 06/06/2021
The last thing any business owner wants is to be audited by Uncle Sam. Truthfully, the probability of an audit is generally low though some red flags can trigger a business audit....
Posted by Rosovich & Associates, Inc. on 05/29/2021
In estimating the business use of a vehicle, there are two methods. One needs to calculate the vehicle expenses using each mode and select the most significant deductions approach. The...
This historic pandemic triggered a 25% rise in the freelancing market last year in which many people turned to work from home to supplement their income. For long-time gig workers...
Posted by Income Taxes and Bookkeeping LLC on 05/19/2021
An LLC (limited liability company) is a form of business organization recognized by all states. Forming an LLC provides limited liability protection to owners (called "members")...
Posted by Abundant Wealth Planning LLC on 05/07/2021
All businesses have to pay different types of taxes, some easier to understand than others. Corporate taxes are of different types: federal, state, and local.There are also different...
Posted by Abundant Wealth Planning LLC on 03/28/2021
Legal fees are deductible if business expenses are incurred. The deduction can be claimed on corporation returns (for example, in a partnership form 1065) or directly on Schedule C...
