Navigating the world of taxes as an independent contractor can be a daunting task, but it’s a crucial aspect of managing your business affairs. In this comprehensive Independent Contractor’s Guide to Taxes for 2024, we’ll demystify the intricate landscape of taxes for independent contractors. Whether you’re a freelance writer, a self-employed consultant, or a gig… Continue reading Independent Contractor’s guide to Tax season 2024
Who doesn’t like to receive a gift, especially if it’s crypto? But would you like to pay tax on your gift? Your answer is probably no. So are crypto gifts taxable? How to report your cryptocurrency gift on your tax return? Also, is gifting crypto taxable? There may be more questions than answers in your… Continue reading Crypto Gift Taxes : Everything to Know
In the vast landscape of entrepreneurship, small business owners in the United States find themselves at the helm of their own destiny, navigating through the ever-changing currents of the market. As we embark on the journey into Tax Season 2024, the importance of effective tax preparation cannot be overstated. Just like a seasoned captain prepares… Continue reading A Small Business Owner’s Step-by-Step Guide to Tax Season 2024
The IRS classifies cryptocurrency as a regular asset, just like any other form of property. The government penalizes this asset with a hefty tax, either as a regular paycheck, like income or as a substantial capital gain. This means that if you sell it and make a profit, you will normally have to pay taxes… Continue reading Avoid Crypto Taxes: Keeping Your Profits – Legally
It’s no secret that the cryptocurrency sector is one of the fastest-growing in the world. So isn’t it strange that there is no tax form specifically for reporting annual crypto earnings and losses at present? Cryptocurrency exchanges and trading platforms have given individual investors their tax information through different crypto tax forms 1099 (1099-MISC, 1099-B,… Continue reading Form 1099-DA: The Next Generation of Crypto Tax Returns
S Corporation, which offers unique advantages when it comes to taxation. In this article, we will delve into the benefits of S Corporation tax filing, discuss important deadlines, and provide a comprehensive how-to guide for small business owners. Benefits of S Corporation Tax Filing: Pass-Through Taxation: Limited Liability Protection: Avoiding Self-Employment Tax: S Corporation Tax… Continue reading Comprehensive guide to S Corporation Tax Filing
In the bustling world of small business ownership, where every dollar counts and strategic decisions shape the future, there exists a crucial document that often goes unnoticed but can significantly impact your bottom line – Form 4562. Picture this: you’re a passionate entrepreneur, steering your small business through the complexities of the American economic landscape. … Continue reading Form 4562: A Small Business Owner’s Guide to Tax Savings
In the heart of every thriving small business lies the pulse of cash flow, an essential factor in sustaining operations and fostering growth. Imagine this: You’re a dedicated small business owner navigating the challenging landscape of entrepreneurship, striving to keep the wheels turning smoothly. Amid your journey, you encounter a financial puzzle – the art… Continue reading What is Invoice Factoring and how does it work?
In the bustling world of small businesses, entrepreneurs embark on a journey filled with dreams, challenges, and the pursuit of success. As you navigate the intricate landscape of your venture, one indispensable tool that can illuminate the financial path ahead is the Profit and Loss (P&L) statement. Imagine this document as your business’s financial story,… Continue reading A Business Owner’s Guide to Reading Profit and Loss Statements
If you are into crypto, you must’ve heard about airdrops. It’s a popular promotion tactic used by crypto businesses. But are airdrops taxable? This post explains airdrop taxes and other relevant, essential information. So, whether you’re a crypto enthusiast or a pro, you will find this post helpful. Let’s dig in! What is an Airdrop?… Continue reading Airdrop Taxes 101: Guide to Crypto Airdrop Taxes