The home office deduction is one of the most often misused tax deductions available, and it can get taxpayers in hot water with the IRS. It can be difficult to determine whether or not you can take the home office deduction at all, and taking it requires meticulous record-keeping. To ease this problem, the IRS … Read more
It’s common knowledge that self employed people must pay income tax like everyone else, but sometimes it can be tricky to know what exactly qualifies as self-employment. The taxpaying community also seems well aware of self employment tax, as well, but again the specifics get a little hazy. Today we’re going to clear the air … Read more
You already know you can get a tax deduction for your student loan and mortgage interest, but what about the interest you pay to your credit card company? As with most things tax-related, the answer isn’t exactly straightforward. In the case of credit card interest and fees, what you can and can’t deduct is based … Read more
A side hustle like DoorDash can be a terrific way to make some extra cash. If self-employment is for you, you can also plunge headfirst into the gig economy and become a full-time delivery driver. Either way, it’s important to understand that although working as an independent contractor for DoorDash and other companies offers some … Read more
Come tax time, it may feel like trying to figure out where to get your taxes done is even more complicated than actually doing them yourself. You’ll find a wide variety of tax preparation software both on store shelves and online, with many online programs offering you access to a free version of their software. … Read more
You became a doctor so you could help people but, honestly, the money doesn’t hurt either — until tax time. As someone who makes a good living, you’re also someone who can acquire a hefty amount of tax liability throughout the year. Fortunately, there are many things you can do to reduce that liability, giving … Read more
As a small business owner, you probably won’t manage to reduce your tax liability as low as some of the infamously rich, but that doesn’t mean you shouldn’t try. There are several self-employed tax write offs you can use to save on your tax bill. The trick is to find them and then use them … Read more
