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Little-Known Tax Tips for Small-Business Owners

At tax time, small businesses look for ways to save money and maximize credits and deductions. “One of the most overlooked ways for small businesses to save at tax time starts at the beginning of each tax year,” advises David Ayoub, CPA in Syracuse, N.Y. “It’s simple. Keep every receipt. Find a way to corral all the loose receipts lying around your desk, in your purse and in your car. They can add up to a lot of deductions.” Another easy and often overlooked deduction is the cash transactions that many small businesses do. “Keep track of everything in a log,” adds Ayoub. To find out more, see the full TurboTax article.

#smallbusinesslife #small business #self-employed #tax tips #IRS #tax filing #tax deductions #tax breaks #tax savings #turbotax #articles

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What to Know About Taxes on Found Property

It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill are negligible. The bracelet is a different story if it has any value. Now the Internal Revenue Service gets involved. See the full TurboTax article to get the breakdown on how the IRS treats found property at tax time.

#finderskeepers #found property #federal taxes #income tax #IRS #tax rules #tax breaks #tax deductions #turbotax #articles

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The Difference Between a 1099 and a W-2 Tax Form

Both the Form W-2 and Form 1099 serve a similar purpose—to report income you earned from sources throughout the tax year—but each is issued under different circumstances and requires slightly different approaches for tax season planning. See the full TurboTax article for some tips to decode these two forms and what to expect when preparing your taxes.

#form 1099 #form w-2 #tax planning #tax filing #IRS #taxes #tax deductions #tax savings #tax tips #self-employed #small business #turbotax #articles

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Common Tax Deductions for Construction Workers

Regardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and materials, and even certain other items that come in handy in your business or on the job. 

If you're an employee for a construction company, rather than an independent contractor, and your employer doesn't reimburse you for expenses on the job, your unreimbursed employee expenses are no longer deductible. Independent contractors generally have no limit on the ability to deduct work related expenses. See the full TurboTax article for details so you can plan ahead.

#constructionlife #contractorlife #small business #self-employed #self-employment #independent contractor #tax filing #tax breaks #IRS #tax deductions #tax tips #turbotax #articles

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Cost Basis: Tracking Your Tax Basis

"Basis" is one of the most important words in the lexicon of taxes. Sometimes you see it by itself. Sometimes it's called "cost basis" or "adjusted basis" or "tax basis." Whatever it's called, it's important to calculating the amount of gain or loss when you sell an asset. To find out more about this important tax concept, see the full TurboTax article.

#cost basis #adjusted basis #tax basis #tax returns #federal taxes #IRS #tax rules #tax deductions #tax breaks #tax tips #turbotax #articles

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Making Taxes Easy: Tips for Organizing Receipts and Expenses

Tracking your expenses could help you save money at tax time. But it's essential that you keep receipts and documentation to back up each expense and justify your deductions if necessary. See the full TurboTax article for tips to organizing receipts and expenses to make taxes easy.

#tax deductions #tax receipts #tax preparation #tax filing #income taxes #IRS #tax tips #tax breaks #turbotax #articles

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Top Tax Deductions for Consultants

Consultants are likely to have deductible business expenses that can help you save big on your taxes. A checklist can help you account for every deduction you’re entitled to use. See the full TurboTax article for the top tax deductions for consultants.

#consultantlife #consultants #tax deductions #business expenses #tax breaks #tax filing #tax return #IRS #tax rules #tax tips #turbotax #articles

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How Bonuses Are Taxed

Working hard all year to help your company meet its annual goals deserves a reward, and you've definitely earned that bonus. But bonuses count toward your income for the year, so they're subject to income taxes. To learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability, see the full TurboTax article.

#bonuses #tax filing #income taxes #IRS #tax returns #tax deductions #tax breaks #tax tips #turbotax #articles

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How the PATH Act Benefits Small Business Owners

Small businesses create jobs and help drive economic growth, and they can improve their bottom line at tax time under the Protecting Americans from Tax Hikes (PATH) Act that was passed in 2015. Recent provisions in the Act extend and protect certain tax benefits for businesses, making long-term planning easier for fledgling companies, entrepreneurial firms, and startups, to name a few. To find out more, see the full TurboTax article.

#path act #small business #tax breaks #tax benefits #tax filing #IRS #tax returns #tax tips #turbotax #articles

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Tax Tips for Freelance Writers and Self-Published Authors

If you earn money selling your words to websites and other publishers, the Internal Revenue Service will likely say you’re a small business owner. Freelance income is self-employment income, and so are any royalties you receive for that book you published or self-published. That can be a good thing, because the self-employed are privy to some tax perks that employees don’t usually receive. To learn more, see the full TurboTax article.

#writinglife #writers #freelance #authors #self-employed #self-publishing #poets on tumblr #small business #tax filing #tax returns #IRS #tax breaks #tax deductions #tax tips #turbotax #articles

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Work as a Hair Stylist? Tax Tips for Hairdressers

As a hair stylist, you’re probably more focused on giving your clients the perfectly tousled waves than thinking about your tax liability. But a bit of tax savvy can save you some serious dough at tax time—just make sure all your documentation is in line. See the full TurboTax article to learn how to get the most from your business deductions and minimize the taxes you may owe.

#hairstylist #hairdresser #tax deductions #small business #business deductions #federal taxes #IRS #tax deduction #tax savings #tax breaks #tax tips #turbotax #articles

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What Is My Tax Bracket?

The term "tax bracket" refers to the highest tax rate charged on your income. Under the federal income tax system, different rates apply to different portions of your income. So people in, say, the 25 percent tax bracket don't actually pay 25 percent of their income in taxes; rather, the last dollar they earn is taxed at 25 percent. To find out more, see the full TurboTax article.

#tax bracket #tax filing #income taxes #IRS #tax rules #tax rates #tax deductions #tax breaks #tax tips #turbotax #articles

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Tax Tips When Sending Kids to Private or Public Schools

The decision to send your child to a public or private school is a personal choice. If you settle on private K-12 schooling, there are a few benefits that can help to reduce your federal tax liability and, in some states, your state tax as well. You’ll really see a tax benefit, though, when you send your child to college. Both private and public post-secondary educations come with some generous tax breaks for your family to help make education more affordable. To learn more, see the full TurboTax article.

#private school #public school #k-12 education #private education #tax breaks #federal taxes #IRS #tax returns #tax tips #turbotax #articles

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What Are Tax Brackets?

The United States uses a progressive tax system, which means different portions of your income are taxed at different rates. To learn more about this system and how it impacts your taxes, see the full TurboTax article about tax brackets.

#tax brackets #tax returns #tax filing #federal taxes #income taxes #IRS #tax rules #tax deductions #tax breaks #turbotax #articles

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What Is the Federal Supplemental Tax Rate?

If you work as an employee, the amount of tax withheld from your paycheck is based upon the information you provided on Form W-4. However, if you receive any form of supplemental wages during the year, your employer may be required to withhold tax using a different method. To learn more how supplemental wages affect your tax return, see the full TurboTax article.

#supplemental income #supplemental wages #form w-4 #IRS #tax withholding #tax return #tax filing #tax rules #tax deductions #tax breaks #turbotax #articles

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Tax Tips for Nannies and At-Home Caregivers

When it comes to working in people's homes, the working arrangements are often casual and wages are paid out in cash. This grey area can lead to confusion for both parties, but determining if a nanny or an at-home caregiver is considered a household employee can make tax filing simpler for everyone involved. To learn more, see the full TurboTax article.

#nannylife #nannies #caregivers #household employee #tax filing #IRS #tax rules #federal taxes #tax tips #tax breaks #turbotax #articles

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Side-Giggers: Tax Tips for Side Jobs

Having a side gig can help you make ends meet or build your rainy day fund. Income from freelance work, running your own small business or working at a second job brings in extra income without requiring you to quit your day job. But, like your main source of income, a second job or side gig must be reported on Form 1040 at tax time. To learn more, see the full TurboTax article.

#side gigs #gigger #side job #freelance #second job #IRS #income tax #tax returns #tax filing #tax breaks #tax savings #turbotax #articles