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As a business owner, you need to know how to file your taxes properly. One common question is if you can file your business and personal taxes together. The short answer: Pass-through entity owners file their personal and business taxes together, and C corporations file separately from their shareholders. For further guidance with your taxes, please contact us today!

Working for Uber or Lyft is about more than just driving. As a self-employed worker, you are treated as a business by the IRS. It’s important to understand the tax implications of your side or full-time gig. Here is a basic guide on how to file your taxes when working for a Rideshare company. Our team is here to help you understand and file your taxes. Please contact us today!

Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS) and may even trigger an audit. The best defense against these problems is to avoid errors on your return.

Here are some common tax filing mistakes and how to avoid them:

The Most Common Tax Filing Mistakes and How to Avoid Them | www.financialhotspot.com Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS)....

Lots of people want to work more hours and make a living from their side hustle. But, if you did freelance or independent contract work there are some important tax things that need attention before next April!

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Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet If you became a freelancer or independent contractor last year, here are a few ways that side gig might shift things this tax-filing season.

The qualified business income deduction is for self-employed people & small-business owners. Find out who qualifies here:

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Qualified Business Income Deduction (QBI): What It Is - NerdWallet The qualified business income deduction allows some people to deduct up to 20% of their self-employment or small business income. Here's how to get the QBI.

16 tax deductions and benefits for the self-employed. These include things like hiring relatives, purchasing home office supplies with your car (or using it as collateral), conducting business on vacation--the possibilities are endless!

16 Tax Deductions and Benefits for the Self-Employed Running your own business poses risk. Knowing where you can save money is crucial, and there are a number of tax breaks that can help you do just that.

Did you know that you can get a copy of wages and tax statements?

How can I get a copy of my wage and tax statements (Form W-2)?  · FAQ | SSA We can give you copies or printouts of your Forms W-2 for any year from 1978 to the present. You can get free copies if you need them for a Social Security-related reason. But there is a fee of $126 per request if you need them for an unrelated reason. You can also get a transcript or copy of your ...

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know | www.financialhotspot.com The IRS recently changed the reporting requirements for business payments received through online payment services like PayPal and Venmo. In order to ensure all income from these apps is accounted for, the IRS substantially lowered the threshold for required reporting. Now, if a business earns over....

Do you have to pay taxes on social security benefits?

Must I pay taxes on Social Security benefits?  · FAQ | SSA NOTE: “Combined income” includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.

Do you know what the contribution limit for employees who participate in 401k is?
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You can invest more in your 401k and IRA in 2023 — but should you be maximizing your contributions? The IRS is raising contribution limits for 401(k) and IRAs in 2023.

Did you know that contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income?

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Publication 969 (2021), Health Savings Accounts and Other Tax-Favored Health Plans | Internal Revenue Service Publication 969 - Introductory Material Future Developments What’s New Reminders Introduction Comments and suggestions. Getting answers to your tax questions. Getting tax forms, instructions, and publications. Ordering tax forms, instructions, and publications. Publication 969 - Main Contents Heal...

Business owner--this can help you understand the difference between employees and independent contractors: http://ow.ly/t4AQ50K6R0Q

How Secure Is Virtual Accounting?

How Secure Is Virtual Accounting? | www.financialhotspot.com Increasingly, day-to-day business operations are going virtual. In recent years, numerous brick-and-mortar companies have adopted digital business practices to achieve greater flexibility and lessen their dependence on physical offices. This trend has extended to the professional services sector. In...

Offering services through an app? has a Gig Economy Tax Center that offers you tax tips and resources: http://irs.gov/gig

Can you avoid backup withholding?
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Though the first-time homebuyer tax credit is no longer an option, there are many ways you can save money on your taxes as a new homeowner.

Can First-Time Home Buyers Get a Tax Credit? Though the first-time homebuyer tax credit is no longer an option, there are many ways you can save money on your taxes as a new homeowner.

has an online resources to help business owners navigate their tax responsibilities when closing a business. Learn more from this : http://ow.ly/ZOfq50KbJYC

Tips for Choosing the Right Business Consulting Team

How to Choose the Right Business Consulting Team | www.financialhotspot.com Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it's impossible to know everything there is to know about growing a business. Sometimes, it's wise to seek help from people wi...

A home equity line of credit (HELOC) is a common way for homeowners to borrow money at affordable rates by tapping into their home equity. It works similarly to a credit card in that you have a line of credit you're free to draw from as needed and you only owe interest when you borrow. This article explains if the interest tax is deductible.

Is HELOC Interest Tax-Deductible? HELOC interest may be tax-deductible, but it depends on how you plan to use the funds. Find out what expenses qualify and how tax laws changed in 2018.

Accounting troubles? Struggle no longer! We are here to assist you with all your financial needs. Let us help you to set up a prosperous future! When considering accounting, audits, tax consulting, and bookkeeping, one call can make all the difference! Call us today – we look forward to working with you!

When money comes out of a 401(k) account, the IRS may want a cut. Here's how to reduce your 401(k) taxes.

Taxes on 401(k) Withdrawals & Contributions - NerdWallet Here’s an overview of how 401(k) taxes work, how to avoid tax penalties and how to reduce your 401(k) taxes if the IRS wants a cut of your retirement savings.

Your federal tax filing obligations and due dates generally are based on the legal structure you've selected for your business and whether you use a calendar or fiscal year. Here is a quick guide to help figure out what taxes you may owe.

First-Time Business Owners: A Brief Guide to Tax Filings As a new business owner, you may be confused about what you owe in business taxes the first year out. Read this guide to get it done right.

Below, we have rounded up the top business tax deductions that business owners should be aware of.

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Top Business Tax Deductions You Should Be Aware Of | www.financialhotspot.com Running a business is a lot of work. From overseeing day-to-day business operations to hiring employees, attracting new customers, and directing long-term strategy, business owners have a lot on their plates. Accounting and taxes are among the most demanding functions that business leaders must mana...

For small business owners, handling accounting and bookkeeping can become difficult to manage. This is where a professional bookkeeper can offer real support to keep up with your financial records, pay taxes on time, and focus on your business activities clearly. Here are a few facts about bookkeeping we'd like to share with you!

The wrong tax filing mistake could lead to an IRS audit, which amounts to quite an ordeal for a small business owner. In addition to the lost time and productivity trying to answer the demands of the IRS, overpaying and other mistakes will impact your company's bottom line.

Save Yourself Money and Avoid These Top Tax Filing Mistakes Knowing and learning the top tax filing mistakes made by small business owners — and how to avoid making them — can help you save money and time long term.

There’s good news for families who missed out on some or all of those payments: It’s not too late to file for the money.

Parents who missed out on the child tax credit of up to $3,600 have until Nov. 15 to claim it using a simple tool A more generous child tax credit of up to $3,600 per child was available last year. Eligible parents who missed out can still claim the money.

Did you know that K-12 educators can deduct up to $300 for athletic supplies or other qualified expenses when they file their tax return in 2023. Read more on this : http://ow.ly/6baS50K6R1f

From markers to face masks, classroom supplies may be tax deductible | Internal Revenue Service COVID Tax Tip 2022-118, August 3, 2022 — Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training f...

It may be tempting to file taxes on your own as an independent contractor. However, it makes more sense to hire a professional. Contact us today!
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Filing Taxes as an Independent Contractor: What You Need to Know | www.financialhotspot.com The IRS classifies independent contractors as professionals who work on behalf of others while controlling the project outcome. Most contractors are small business owners operating as sole proprietorships, partnerships, LLCs, or S Corps. Running any of these entities makes you eligible to pay income...

Thieves use email, telephone and social media for various online scams. They also send fake text messages. Learn how to avoid text message scams:

Here's How To Avoid IRS Text Message Scams Avoid smishing scams. That text message isn’t from the IRS. Visit https://www.irs.gov/phishing for more information. us:Twitte...

In order to keep your books organized, you have to schedule a regular update of your bookkeeping. Have a clear and detailed discussion with your bookkeeper to schedule daily, weekly, monthly, and annual tasks defined.