If you’re self-employed, run a small business, or earn income without tax withholding you need to learn about estimated taxes. Some taxpayers submit their taxes once every year but as a business everything is different. Let’s dive in!
In the past months this bill was passed by the congress, which is a set of amendments to various tax deductions and reliefs. Turning them from temporary reliefs to permanent reductions. Check out the list of modifications and how these may affect your business and income as a worker.
Tips are an important part of the income to many households, bringing debate about them being obligatory or just an extra from the payment for the service thanking the attention. To many servers, retail and hospitality workers, there’s been a step towards getting their tips without tax payments.
Having a side hustle to many households represents an important extra income that helps reach the budgeting goals and funds administration. Because of its relevance it’s vital to know under which conditions these income is taxable an how to, those are the topics we will look through on these month blog
Don’t let the taxes due date catch you unprepared! Starting early the tax filing could reduce a lot of the stress from leaving it all to the last minute. Compare your paperwork with our checklist and see if you have everything ready for this year.
During the lifetime of your business, you might look for funding options for starting up, growing or funding changes for your business. The first option that comes to mind could be the banking entities but there are many more options you could consider approaching for keeping in growth your project.
Last week the tax season ended, and maybe you forgot or ran out of time to submit the paperwork. The IRS recommends submitting your files as soon as possible to dismiss or reduce the possible penalties. They may apply if you didn’t:
After spending days and a lot of calculations you finally finished your paperwork, only to get weeks later a correction notification or penalty and you don’t know what went wrong. Don’t fall into these mistakes while preparing the tax paperwork:
On August 24th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.
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