What do social media gigs, driving for companies like Uber, and renting out spare bedrooms in your house to travelers all have in common? They are all different ways of participating in what has become known as the Sharing Economy. This is also known as the Gig, On-Demand, or Access Economy. With the [...]
If you work at home and don't claim the home office deduction, you could be flushing money down the toilet. For the self-employed, a home office deduction can save you hundreds of dollars on your taxes. When claiming this deduction, you may claim things such as your mortgage and your utilities. But it's [...]
The following article was published by the IRS. The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or [...]
The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect [...]
The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here’s a summary of the basic rules: For tax years beginning after Dec. 31, 2017, taxpayers other than corporations may be entitled to a deduction of up to 20% of their [...]
