If you are one of the millions of people who worked as freelance writers during 2019, you should start thinking about the forthcoming tax season with respect for Tax Deductions for Bloggers and Writers. With less than two months until the fiscal year ends, you must begin making some basic preparations now. The first two… Read more »
Can I Deduct Nanny Expenses on My Tax Return?
Can I Deduct Nanny Expenses on My Tax Return? In a nation where nannies are one of the most fundamental parts of the working culture, it comes as no surprise that there are many laws specifically focused on them. Some of the most important ones, however, are the tax laws that guide people on how… Read more »
What Rental Property Closing Costs are Tax Deductible?
Tax deductions are a great way to save money at tax time every year. Taking full advantage of tax deductions and knowing what rental property closing costs are tax deductible will save you thousands of dollars over time, especially when it comes to purchasing a rental property. Every expense related to your rental should be… Read more »
How Much in Taxes Do You Really Pay on 1099 Income?
As more and more people venture into the sphere of independent contracting, the demand for full-time employees, commonly known as “W2” workers, declines. This comes as no surprise given the number of benefits that both sides of the transaction enjoy. The workers, for instance, get to take advantage of unparalleled flexibility, and the employers get… Read more »
Can I deduct gofundme donations?
To answer the question can I deduct gofundme donations?, one must consider the facts and circumstances of the donation and apply the correct interpretation of the law. If you are the donor: The fact that a charitable contribution is made through gofundme does not make it nondeductible. Depending on the facts and circumstances of each… Read more »
Can Your Business Deduct Country Club Dues?
If you have grown your business to a point where you oversee dozens of employees and have future expansion in mind, you have probably done some research on common entertainment solutions. If not, it may be time to start thinking about ways to incentives your workers and boost the overall morale around the office. Well,… Read more »
Schedule E Instructions for 2020
Schedule E, also known as the form for your “Supplemental Income and Loss,” is one of the quintessential attachments to your 1040 and is often used by landlords to file a rental property tax return. It is a multi-purpose form that you use to report a few types of passive income for the prior year…. Read more »