Deducting The Cost Of Unreimbursed Work Expenses
18 July 2017
Some employed individuals occasionally spend their own money while performing work duties for their company. The expense might be unanticipated, but necessary to get the job done. Other employees may routinely incur costs while traveling for the benefit of their company. In either scenario, the employee may be able to deduct the cost of unreimbursed business expenses on their taxes.
Expenses paid by an employee that are reimbursed are not deductible on the employee's tax return.
Self Employment And Quarterly Taxes
13 July 2017
If you're making money regularly as a self-employed person, then you have probably heard of something called "estimated taxes." These are taxes which self-employed people pay per quarter throughout the year. Most non-self-employed people have their taxes taken out with each paycheck. Quarterly estimated taxes is basically a self-employed person's version of this. If you are making more than $400 in self-employment income, then you also must pay self-employment taxes. However, just because you're self-employed and must pay self-employment tax, it doesn't necessarily mean you have to pay estimated taxes.
Getting The Best Tax Situation Possible For Your Mowing Side Business
12 June 2017
Many people make a little extra money during the summer mowing lawns. While it is not likely a major source of income, it is one that can help out a lot. Those who are interested in starting this type of business need to understand how they can get the best possible tax return situation.
Mowing Is Likely Taxable
Those who start a small mowing business may think it qualifies as more of a hobby than a business.
What To Do When You Are Audited By The IRS
10 May 2017
Getting audited by the IRS can create a scary situation. There are many times when people do not know what to do when they are audited by the IRS because it has never happened to them before. The guide below walks you through the steps to take when you are audited by the IRS to make the situation as minimally stressful as it can be.
Gather Your Tax Information For Previous Years