self-employed

The CARES Act Impact on Small Businesses

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,…

Tax Deductions for Uber and Lyft Drivers

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…

Cows, farming, and taxes: What you need to know.

Starting a farm? Already keeping a legacy alive? Then you know tax laws for farms are more complex than any new-fangled tractor engine. Even seemingly simple write-offs — like livestock — can operate differently on your return.
Luckily, We’ve got the d…

Is your hobby actually a business?

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…

How to Make an Income Plan as a Freelancer

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…

Why Everyone Should Use A Mileage Tracking App

It’s no secret that tracking your business mileage can save you money come tax season.  Whether you’re a small business owner or a salesman, a freelancer or an online shop owner, you are leaving money on the table every time you use yo…

Reduce Your Taxable Income With a 401(k)

With tax season coming soon, you may wonder how you can reduce your taxable income. One smart place to start looking is your 401(k) plan.

The 401(k) plan was passed by Congress in 1986 to help employees save money for retirem…

Pro Tips for Separating Business and Personal Finances

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…