Category: Featured

Self-employed and small business owners often seek ways to maximize deductions, and to know which expenses are deductible can significantly impact their taxable income. However, one area that is often found to be confusing is the work clothing deduction. Read on to find out if the cost of your recent clothing purchases will make it… Continue reading Work Clothing as a Business Deduction 

Dues and subscriptions tax deduction rules are essential for 1099 contractors who want to properly reduce their taxable income while staying compliant with IRS guidelines. In most cases, these expenses are deductible if they are considered ordinary and necessary for your business, meaning they directly support your professional activities.    Understanding what qualifies, and what does not, can… Continue reading Dues and Subscriptions as Deductible Expense 

Self-employed and small business owners enjoy the freedom and independence to manage their own business or profession. They decide what, when, and how things are to be done. It may sound like a lot of work to some, but it does not really mean that they don’t get help to operate their business. They alleviate… Continue reading Contract Labor as a Business Deduction 

When it comes to paying taxes, one of the popular choices is to use the Electronic Federal Tax Payment System (EFTPS). It has features that are unique compared to the other payment alternatives. But is it the right option for you?  What is EFTPS?  EFTPS or the Electronic Federal Tax Payment System is a free… Continue reading EFTPS: Is it Right for You? 

If you want to properly manage your taxes, signing up for an IRS Online Account is the smartest way to do it (Read our dedicated blog on why you should have one). However, if you are trying to meet a payment deadline and don’t have the luxury of time to pass its authentication process, you… Continue reading IRS Direct Pay: A Fast and Secure Way to Pay Your Taxes 

Managing your tax obligations is essential for a stress-free relationship with the government. This is especially true if you are self-employed or a small business owner since your taxes are not a once-a-year engagement because of the quarterly estimated taxes. Fortunately, the Internal Revenue Service (IRS) provided a tool to streamline your tax-related tasks, the… Continue reading Why You Should Have an IRS Online Account 

In running a business, you may need to take some types of insurance that makes you wonder if their premiums can be claimed as a business deduction. In general, premiums for insurance that is considered ordinary and necessary in running a business are deductible.   General Business Insurance Premiums  Life Insurance Premiums  Generally, life insurance is… Continue reading Insurance Premiums as a Business Deduction 

Most of us are familiar with payroll tax, income tax, and self-employment taxes which are common tax terms and are easy to understand. Franchise tax on the other hand is an often-misunderstood tax due to its name. It’s far from what its name implies because you won’t be charged with this tax for franchising a… Continue reading Franchise Tax: What is it and How it Works 

Social Security Disability Insurance (SSDI) is a federal program that provides financial assistance to qualified individuals who are unable to work due to a disability. Funded by the Social security taxes, SSDI is a great security benefit available to the American workforce in case of a disability.   Who May Qualify?  There are basically two considerations… Continue reading A Basic Guide to Social Security Disability Insurance 

Self-employment tax is a type of tax imposed on self-employed individuals. It consists of 12.4% Social Security and 2.9% Medicare. It is similar to the Social Security and Medicare taxes deducted from payroll wages but the self-employed pay the full 15.3% tax while employers and the employees split these tax bills. This tax may be… Continue reading Ways to Lower Self-Employment Tax