Can I Claim My Mother as a Dependent If She Resides Overseas?
Navigating the complexity of tax regulations as a self-employed person can be intimidating. Whether you can claim your parents as dependents if they reside overseas is one of the most often asked topics when it comes to claiming parents as dependents.
How Can You Claim Parents as a Dependent: Requirements and Qualifications
Knowing the IRS regulations for claiming your parents as dependents can have a big impact on your tax situation if you're a self-employed person providing for them.
Writing Off A Car For Business With The Section 179 Deduction
Buying a car is a huge expense, but it’s a necessary one. So much of our lives is lived behind the wheel, driving to work or classes, getting the kids to their games, going on dates or heading out on a road trip.
How Do I File Taxes in Two States?
Sometimes, you might find yourself moving across the country for a job or setting up a business in a neighboring state. In these cases, you might need to file taxes in two states.
Tax Deductions for Pet Groomers and Pet Sitters
If you're involved in the rewarding and ever-growing dog grooming or pet sitting industry, you may be wondering about the financial aspects of your business. One common question that arises is whether you can deduct expenses related to your canine care enterprise.
Can I Write Off the Cost of Purchasing a Home?
Purchasing a home is a big achievement in one's life, signifying a milestone of financial success and pride in owning your own space. For freelancers, buying a home adds another layer of complexity.
Why Would the IRS Keep My Refund?
Ever wondered if the IRS can keep your tax refund? Taxes can be tricky, especially if you also pay self-employed taxes, so knowing when the IRS could hold onto your money is essential when navigating tax season.
Recently Had a Baby as a Freelancer? Here’s How to Save on Taxes
Juggling life being self-employed with a new baby? Let us help. There are a few tax tips you need to know that can help you save money on taxes. Freelancers have to pay income and self-employment taxes, so you should try to use every one of these tips.
Can You Deduct Bank Fees as an Independent Contractor?
There are a lot of responsibilities when it comes to working as an independent contractor. One of those responsibilities is managing your business’s finances. Whether you choose to have a separate or combined business bank account, banks charge fees for various services.
I’m Self-Employed, Do I Have to Pay Social Security Taxes?
“Do I need to pay Social Security taxes?” It's a common question among freelancers, entrepreneurs and independent contractors, for good reason. The IRS doesn’t make navigating taxes easy, and self-employed individuals have double the taxes to deal with.
How Do Taxes Work for Dog Walkers and Nannies?
Working with dogs or babies all day might be the ultimate dream job. But when it comes to payments, things get a bit complicated. Typically, these payments are received in cash and are under the table, so they’re not usually reported.
Are College Students Considered Dependents On Taxes?
Your kid is finally at college. While that’s great news, it also means you’re filing your taxes without for the first time and might be wondering if you can claim them as dependents.
New Federal Requirement for Business Owners: Beneficial Ownership Information Reports
When owning a business, staying up to date on government mandates is crucial to avoiding fines and penalties. One of these requirements recently implemented is from the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
How Do My Taxes Change Once I’m Divorced?
Navigating the complexities of divorce extends beyond emotional and legal dimensions; it also introduces changes to one's finances, including tax implications. As couples undergo the process of separation, it’s important to have a firm understanding of how tax filing is impacted.
Tax Law Changes For 2024: A Self-Employed Guide
Paying both income and self-employment taxes can put a strain on your wallet. So, keeping yourself updated on tax law changes every year can help you avoid fines and save as much as possible.
