Tax Pro Admin

Marketplace insurance, also known as health insurance marketplace or Obamacare, refers to a type of health insurance that is sold through the federal or state-run online health insurance exchanges. These exchanges were created under the Affordable Care Act (ACA) to provide a one-stop shop for individuals and small businesses to compare and purchase health insurance […]

Deduction for business expenses: Small business owners can deduct a wide range of business expenses, including the cost of goods sold, supplies, utilities, rent, and wages. Small Business Health Care Tax Credit: Small business owners who provide health insurance to their employees may be eligible for a tax credit to help offset the cost of

Failing to report all income: Reporting all income, including freelance and gig work, is essential for avoiding tax mistakes. Claiming incorrect deductions: Double-check that you are claiming the correct deductions and that you have proper documentation for all deductions. Miscalculating estimated taxes: If you are self-employed or receive income that is not subject to withholding,

Accurate financial records: Bookkeepers can help ensure that financial records are accurate and up-to-date, which is critical for making informed business decisions and complying with tax laws. Time-saving: Bookkeeping can be time-consuming and tedious, but with a bookkeeper, the small business owner can focus on running the business and leave the bookkeeping tasks to a

Home office expenses: Remote workers may be able to deduct home office expenses, such as the cost of a home office space and supplies, if they meet the criteria for a regular and exclusive home office. State tax implications: Remote workers may be subject to taxes in both their home state and the state where

Determine your business structure: This will affect how you are taxed, so it’s important to understand the tax implications of sole proprietorship, partnership, limited liability company (LLC), corporation, etc. Get an Employer Identification Number (EIN): An EIN is a unique tax ID number assigned by the IRS to identify your business for tax purposes. Keep

As a business owner or entrepreneur, keeping track of your finances and taxes can be a challenging task. One of the most important forms you will need to file each year is the 1099, which reports non-employee compensation, such as payments made to independent contractors and other businesses. While you may be tempted to handle

Medical expenses can be tax-deductible if they exceed a certain percentage of your adjusted gross income (AGI). For tax years 2021 and 2022, the threshold is 7.5% of your AGI. This means that only the amount of your medical expenses that exceeds 7.5% of your AGI can be deducted on your tax return. To claim

Maximize contributions to tax-advantaged retirement accounts such as 401(k) or IRA. Claim all eligible tax deductions, such as mortgage interest, charitable contributions, and medical expenses. Take advantage of tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit. Keep accurate and organized records of all income and expenses. Use tax

Form 1040: The individual income tax return form used by U.S. taxpayers to report their federal income tax liability. Form W-2: The form used by employers to report wages, salaries, tips, and other taxable compensation paid to employees. Form 1099: The form used by self-employed individuals, businesses, and other entities to report miscellaneous income, such