Qualify for the Home Office Deduction
Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction.
Self Employment Tax
Vernoia, Enterline + Brewer, CPA LLC helps solopreneurs navigate tax rules.
Making 2021 Estimated Tax Payments
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year.
Nonemployee Compensation and Backup Withholding
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns there is no automatic 30-day extension to file Form 1099-NEC. However, an extension …
Taxpayers Must Report Gig Economy Income on Their Tax Return
In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
IRS Resources to Help Small Business Owners
The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Small Business and Self-Employed Tax Center This page features links to useful tools and common IRS forms with instructions. Taxpayers can find help on topics such as starting or operating a business, recordkeeping, filing and paying taxes. …
PPP Loans for Independent Contractors and Sole Proprietors
Payments that businesses make to independent contractors and self-employed workers are not payroll expenses that qualify for Paycheck Protection Program (PPP) loans. However, independent contractors and sole proprietors themselves are small businesses that can qualify for the loans. PPP Loans Aim to Help Small Business Survive Coronavirus Pandemic The PPP is a Small Business Administration (SBA) program that …
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Gig Economy Work Can Affect a Taxpayer
Taxpayers who work in the gig economy need to understand how their work affects their taxes. A little pre-planning can help make sure gig economy workers are prepared when it’s time to file their tax return.
Small Business Home Office Deduction
The home office deduction can help small business owners save money on their taxes.
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers
The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief.