Vernoia, Enterline + Brewer, CPA LLC helps solopreneurs navigate tax rules.
The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.
Providers to Receive 1099-Ks for Sales Over $600 in Early 2023 Read More »
There are a few things business owners need to do before they close their business.
What Business Owners Do When Closing Their Doors for Good Read More »
Business travel can be costly. Hotel bills, airfare or train tickets, cab fares, public transportation – it can all add up fast. The good news is business travelers may be able to offset some of those costs by claiming business travel deductions when they file their taxes.
What Taxpayers Need to Know About Business Related Travel Deductions Read More »
Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction.
Qualify for the Home Office Deduction Read More »
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year.
Making 2021 Estimated Tax Payments Read More »
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
Nonemployee Compensation and Backup Withholding Read More »
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.
Taxpayers Must Report Gig Economy Income on Their Tax Return Read More »
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.
IRS Resources to Help Small Business Owners Read More »
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
PPP Loans for Independent Contractors and Sole Proprietors Read More »
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.
Gig Economy Work Can Affect a Taxpayer Read More »