Do you give a gift to new homebuyers at closing? If not, you should seriously consider doing so. You can give up to $25 of gifts to each client, each year as a valid business expense. Just be sure to keep records on who you gave the gifts to, and the cost of the gifts. […]
Taxes are not fun, but you don’t have to get stressed about them. Just contact Hampton Roads Accounting at 757-454-6276 and let us take care of your tax preparation needs.
Donating to a worthwhile charity is a great thing to do. It also benefits you on your tax return, as charitable donations are tax deductible. But, how much are your charitable donations worth? Check out our free Charitable Donations Guide to help answer this question. Just fill in the blocks and add up your total […]
Being an Uber or Lyft operator can be very rewarding. And make no mistake about it …. you are now a business owner. This post is to help you be aware of some valid business expenses you can claim as a rideshare operator: (Note: This article focuses on Uber and Lyft, but applies to any rideshare […]
Continuing our list of Rideshare Operator deductions, here are 5 MORE tax deductions you need to know about: Tolls and Parking Whether you pay for tolls in cash or by a transponder (like EZPass), your tolls while a rideshare operator are deductible. If you have to pay to park (while waiting for a ride, or […]
New for the 2020 tax filing season, taxpayers in more locations will be eligible to opt into the online Identity Protection (IP) PIN program. The IP PIN is a 6-digit number that adds another layer of protection for taxpayers’ Social Security numbers and helps protect against tax-related identity theft. Taxpayers will be eligible for this […]
Independent Contractor? Be sure to make your 4th Qtr Estimated Payment for 2019 by Jan 15 to avoid penalties. Federal: https://www.irs.gov/payments Virginia: https://www.tax.virginia.gov/individual-income-tax-payment-options North Carolina: https://www.ncdor.gov/file-pay
One of the biggest tax deductions for an independent contractor, small business owner, salesman, Lyft/Uber driver or freelancer is vehicle mileage. All business mileage is deductible, and for 2019, the rate is $0.58 per mile. Driving just 5,000 business miles in 2019 means a deduction of $2,900! To claim the deduction, the IRS requires a […]
Wishing everyone a happy and safe 2020!
Merry Christmas to our family and friends!