Category: Featured

Operating a business or practicing a profession often requires various licenses and taxes. These expenses may be deductible when the payment is ordinary, necessary, and directly connected to operating a trade or business. For 1099 contractors, qualifying costs may include annual professional license renewals, business permits, regulatory fees, and taxes on business property. The correct treatment… Continue reading Taxes and Licenses Expense: What 1099 Contractors Can Deduct

Sometimes, no matter how well we save up for the future, there can be unforeseen life events that can lead us to struggle financially. When combined with an unexpected tax liability, it can really put a financial stress if we lack the capacity to pay our obligation.   Fortunately, the Internal Revenue Service (IRS) offers a… Continue reading IRS Payment Plan: What is it and How to Apply 

Parents and guardians with qualifying children can benefit from the Child Tax Credit. The child tax credit is a tax break for eligible taxpayers to help them with the cost of raising children by reducing their tax liability dollar-for-dollar. Here’s what you need to know to benefit from this credit for the tax year 2024. … Continue reading The 2024 Child Tax Credit 

Parents and guardians often find themselves juggling their time between work and caring for their children or dependents. Most often than not, they need to hire extra hands to help them tend to the people they love, and its related costs can be significant. Thankfully, there is a tax credit that can help ease this… Continue reading Child and Dependent Care Credit: An Overview 

In this digital day and age, safeguarding your identity from cyber criminals around the world has become a priority. In the 2023 tax season alone, the Internal Revenue Service (IRS) has flagged more than one million tax returns for potential identity theft.  To combat this threat, the Internal Revenue Service (IRS) encourages taxpayers to enroll… Continue reading The IRS IP PIN: What is It and How to Get One 

Work clothing tax deduction rules can confuse 1099 professionals. Not every work item qualifies as a deductible business expense. For CRNAs, locum tenens providers, travel nurses, and other 1099 healthcare professionals, this question often comes up. It involves scrubs, shoes, jackets, protective gear, and other work clothing. The key issue is not just whether you… Continue reading Can Work Clothing Be a Business Deduction for 1099 Professionals?

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