This is episode 005 in the Words About Work, Wealth and Money series. In this video I present a “case study” on little ways having a side biz helps you keep more of your money. I discuss these four phrases originally presented in episode 001 of Work, Wealth and Money. Have a legitimate Side Biz […]
I Have Business Expenses – What Do I Need to Write Them Off?
Alright my lovely business owner, freelancer, independent contractor, gig-worker, side hustler, solopreneur … You get the picture. You’ve been spending money working one your business, and you want to know how you can use those business expenses as a deduction against your income. There are so many details I can and should share with you […]
No More Deduction for Job Expenses, Including Home Office
Back in the day folks could use certain out-of-pocket employment expenses as a tax write-off; but as 2018 things have changed. Now, remember… I’m talking about potential w2 employment expenses, NOT self-employment expenses. Here are some examples of job expenses that were deductible for tax years 2017 and before, but are now not deductible for […]
Do You Make Charitable Contributions From Your Business???
So you enjoy giving money to charitable organizations, do you??? Yes! I knew you did. You love to give to great causes and so do I. So give and don’t stop. In addition to the good feeling of giving, it’s also kinda nice knowing you can write those donation off on your taxes. Right??? Well.. […]
Did You Pay Anyone More Than $600 in 2018? — Get your 1099-misc filed by 1/31
I’ve beat this topic to death in years past, so I won’t go into all the intricate details in this blog. So please… before you ask questions about Box 3 vs Box 7, please take time to read through questions from all of the *wishful thinking* people who have gone before you. You can find […]
Does the IRS ‘Really’ Expect Detailed Driving Records for My Automobile Expense Deduction???
Before I start-in on the answer to this question, please understand this article only pertains to individuals who use their personal vehicle for self-employed, freelance, or 1099 contract work. Any work you do for an employer from whom you receive a form w-2 does not apply; even if you are the owner. If you (as […]
An Income Tax Preparers’ Secret Loves
I’m sitting here working on my clients taxes and thinking… There are a few things I LOVE to see and hear from my clients. I decided to share a few of them with you. I LOVE to see Form 1099-INT (Interest Income) that is independent from your to do with a home mortgage escrow account. […]