Could Sales Tax Rules be Changing for Online Businesses?

The Supreme Court ruled in the case of South Dakota v. Wayfair?that states can force online retailers to collect sales tax even if they have no physical presence in that state. This overturns the previous rule that an online retailer only has to collect sales tax for states where it has a physical presence. Here’s what you need to know …

Can You Deduct Startup Expenses Before You Make Money and How?

Are you starting a business? When and how you deduct your expenses depends on whether you’re in the startup phase or have begun operations. What is the Startup Phase? For tax purposes, the startup phase is the time before you are actually in business. This might include investigating the creation of a business, buying or leasing business property, getting other …

5 Things To Do Post-Tax Season

The weeks following tax season are a time for small business owners to exhale, knowing that the dirty work is finally complete. But what many don’t realize is that post-tax season is the perfect time to get organized, plan, and prevent any financial mishaps that occurred the previous year. 1. Speak Up It may seem obvious to talk to your …

Should My Side Hustle Consider S-Corp Status?

If you have a side hustle, you may be paying up to an extra 15.3 percent in Social Security and Medicare taxes. By setting up an S-Corporation to hold your small business, you may be able to cut those taxes. What Is an S-Corporation? An S-corporation is a special type of corporation that avoids paying a separate corporate income tax …

Everything You Need to Know About Deducting Your Ride

Whether you run a small business or own a large company, your ride could be your biggest opportunity when it comes to the taxes you pay. Every time you meet with clients, deliver an order or go to ship a package, you take on certain costs that could be tax-deductible. Here’s what you need to know. Understanding Vehicle Deductions When …

Paycheck Checkup – 2018 Tax Calculator

Late last year a tax overhaul was signed into law. This law gives a new direction to the IRS as to how individuals and businesses should be taxed and at what rates. This has left people wondering about their tax liabilities for 2018. One of the biggest changes brought about by the 2018 tax reform is the removal of personal …

Cryptocurrency and the IRS: What you need to know

Cryptocurrency. It has become a hot topic these days and continues to grow in popularity. But what does it mean for your tax return? Whether you?ve used cryptocurrency as an investment or as a currency, you owe taxes on it. Your Bitcoin holdings are not taxable (yet), but once you sell them or use them to buy something, you have …