Author: Rick Kouns

Is 1099 self-employment? Usually, Form 1099-NEC means a payer treats you as an independent contractor. However, the exact answer depends on your income type and work setup. This distinction matters for CRNAs, locum tenens providers, freelancers, and other 1099 contractors. It dictates how you report income and when self-employment tax applies. It also determines if… Continue reading Is 1099 Self-Employment? What Contractors Need to Know 

Generally, self-employed individuals and small business owners must pay estimated taxes to stay compliant with the Internal Revenue Service (IRS).  What are Estimated Taxes?  Estimated taxes are tax payments made quarterly by self-employed individuals and small business owners to avoid penalties and interest for underpayment at the end of the year. It covers income tax,… Continue reading Estimated Tax Deadlines for the Year 2025 

Tax refund delays are a common frustration for taxpayers, especially for families counting on their refunds for essential expenses. One issue that often caused such delays is the duplicate dependent claims that require time-consuming reviews by the Internal Revenue Service (IRS).  And just recently, the IRS has announced an initiative-taking approach to address this concern.… Continue reading Prevent Refund Delays in 2025 with an IRS IP PIN 

Retirement planning can feel like a complex task especially for the self-employed. Although its importance has long been established, statistics show that even more people fall behind their target savings. According to the Federal Reserves, only 34% of the non-retirees in 2023 feel like their retirement savings are on track (a decline from the 40%… Continue reading SECURE Act 2.0: Key Retirement Benefits for You 

The Internal Revenue Service recently announced the contribution limits for retirement accounts effective January 1, 2025. Here’s how much you can save for retirement with a 401(k) and an IRA in 2025:   401(k) Updates for 2025  Contribution Limit. The maximum amount that individuals can contribute to their 401(k) in 2025 is $23,500, an increase from… Continue reading 2025 IRS Updates for 401(k) and IRA Limits 

The new Beneficial Ownership Information Reporting (BOIR) from FinCEN (Financial Crimes Enforcement Network) requires many companies to report information about the company itself, its applicant (for companies registered in 2024 onwards), and its beneficial owners- the individuals who owns or controls the business.   Sole proprietors or single-member LLCs are automatically identified as their company’s beneficial… Continue reading FinCEN’s Beneficial Owners of a Company: What You Need to Know 

If you pay interest on a qualified student loan, you may just be able to take a deduction up to $2,500 to lower your taxable income. The question is are you eligible to claim a student interest loan deduction?   Eligibility and Qualifications  The great thing about this benefit is that it is an adjustment to… Continue reading Student Interest Loan Deduction:  How to Qualify? 

One of the very few exceptions to the uncertainty of life is taxes. It’s a reality we all face and it’s only right that we set aside funds to be financially ready to pay our taxes. But sometimes, life throws us curveballs such as medical emergencies, accidents, or natural disasters that can really distress our… Continue reading IRS Offer in Compromise: What is it and Who Qualifies 

The Internal Revenue Service (IRS) makes yearly adjustments on several tax provisions to mitigate the effect of inflation. Just recently, October 22, 2024, the IRS released the yearly inflation adjustments under Revenue Procedure 2024-40. Listed below are some of its highlights.   Year 2025 Income Tax Table   Below are the updated income tax margins for the… Continue reading Tax Inflation Adjustments for the Tax Year 2025 

As a business owner, every penny counts. And it is only natural to want to take full advantage of all business deductions. An often-overlooked area is the taxes and license fees. Although a huge chunk of our paid taxes is non-deductible, the income taxes, there are other taxes and licensing fees that the IRS allows… Continue reading Taxes and Licenses: A Business Deduction?