Category: Featured

Tax time can get overwhelming, especially if you’re a self-employed individual trying to figure out how your business fits into the tax system. But good news to all self-employed individuals—such as independent contractors, locum tenens, CRNAs, freelancers, gig workers, and small business owners—filing and paying taxes is easier and simpler than you think once you… Continue reading Pass-Through Entities: Who Actually Pays the Taxes? 

S-corp vehicle deduction rules are essential for 1099 contractors who want to reduce taxable income while staying compliant with IRS requirements.  If you use your personal vehicle for business, the way you deduct that cost matters. Many S-Corp owners assume they can write it off personally, but that usually is not the correct approach. Instead, the business generally needs to reimburse the owner properly. In this guide, you will learn… Continue reading S-Corp Vehicle Deduction: How 1099 Contractors Deduct Business Use of Vehicles in 2026 

S-corp health insurance deduction rules are essential for 1099 contractors who want to reduce taxable income while staying compliant with IRS requirements. For S-Corp owners, this deduction does not work like a normal business expense. The S-Corp must handle the premium correctly, and the amount usually must appear in the shareholder’s W-2 before the owner can deduct it… Continue reading S Corp Owners: What to Know About Health Insurance Deduction 

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?