Category: Uncategorized

Realtor? Give a Gift at Closing – And Follow Up!

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. […]

Charitable Donations Guide

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 […]

Rideshare Operator? 5 tax deductions you need to know about

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 […]

Rideshare Operator? 5 MORE tax deductions you need to know about

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 […]

Identity Protection PIN Availability Expands

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 […]

4th Qtr Estimated Taxes Due by Jan 15

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      

Everyone Should Use A Mileage Tracking App

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 […]

Do a Payday Checkup Now

The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick “paycheck checkup.”  This is even more important following the recent changes to the tax law for 2018 and beyond. The Tax Withholding Estimator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your […]