After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we have spent countless hours reading the law, viewing informative webinars, digging through analysis,…
Uber, Lyft, and other rideshare drivers spend their days driving strangers from Point A to Point B. Just like any other business, Uber and Lyft drivers get to claim their mileage, gas, and other day-to-day expenses as business write-offs. Unlike regul…
If you’re making money doing what you love, congrats! Isn’t that what we all want in life? And if your pastime brings home the bacon, does that make it a business? How can you be sure?
As simple as the di…
Freelancing is incredibly rewarding, but it does come with its own set of financial challenges. Unlike a typical 9-5 job, you as a freelancer are responsible for billing and tracking all of your own income. And that tends to be rather irregular. You ar…
One of the most stressful parts about being a business owner is figuring out how to financially separate your real life and your professional life. As a full-time writer and speaker, I initially struggled to figure out how to draw down a salary and rei…
At the beginning of every tax season, you receive informational tax forms in the mail from your places of employment, financial institutions and all other organizations you did business with throughout the year that the Internal Revenue Service wants t…
Now is the perfect time to perform a mid-year review of your business activity, including your tax liability. Staying on top of these five things throughout the year will help you save time, money and make tax time much smoother!
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Who doesn’t love a good refund? There’s the kind you get when you return a shirt to the mall or complain because the Wi-Fi wasn’t working on your cross-country flight. And then there’s the kind that can really make a difference in your annual budget an…
In the wake of the Tax Cuts and Jobs Act, business owners nationwide are looking closely at whether incorporating as an S corporation or a C corporation will offer a greater reduction in their tax burdens over the long haul. While C corporations …
If tax time doesn’t bring you a lone W-2, but instead a 1099-MISC — or even several of them — you’re no longer that unusual. More than one-in-five members of the working-age population are freelancers or self-employed, according to the Freelancer…
