Here Are the 2024 Tax Brackets and Federal Income Tax Rates
In the U.S., your tax bill rises with your income. There are currently seven tax brackets that you might fall into: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Each […]
Taxpayer Relief: IRS Waives Penalties on 2020 and 2021 Tax Returns
If you didn’t pay taxes on time in 2020 and 2021, the IRS has good news. You don’t have to pay normal penalties. Why? Because the pandemic disrupted so many […]
6 Tax Deductions for Sole Proprietors
Sole proprietorships represent 81% of small businesses in the U.S. If you belong to the club, you know working for yourself comes with advantages like flexibility and greater control of […]
What Happens If You Misclassify Employees as Independent Contractors?
Let’s say you hire a freelance graphic designer to create your logo. Their work is fantastic, and you give them so many additional projects they eventually decide to work exclusively […]
How Will the 2024 Independent Contractor Final Rule Affect Your Business
Whether you make a deal with a landscaper or work with an independent graphic designer, hiring freelancers is extremely common. However, in 2024, the Department of Labor (DOL) implemented a […]
Should You Form an S Corp
When you work for yourself, you can structure your business in multiple ways. Many entrepreneurs choose to establish S Corps for tax advantages and perceived legitimacy. However, the setup doesn’t […]
Should You Form an LLC?
If you’re self-employed, it’s common to structure your business as an LLC. However, it’s not necessary for every entrepreneur. According to the IRS, LLCs represented just 10% of non-farm sole […]
Make a Mistake on Your Taxes? How to File An Amended Tax Return
Did you see a mistake on your tax return? You may have forgotten about a little-known deduction or an odd job that didn’t pay much. Unless you’re an expert CPA, […]
You Forgot to Pay Your 2023 Taxes. What Happens Next?
With work, family, and personal commitments demanding your time, tax season might go by in a blur. Did you file your 2023 taxes or request an extension by April 15, […]
What You Need to Know Before Filing Your 2023 Taxes
Tax season is officially here, and with it comes fresh regulations and adjustments you need to know about. These changes might have a significant effect on your tax return. Whether […]
Taxes on 2023 Gambling Wins: What You Need to Know
Gamblers know that your finances can change with one lucky bet. Whether you pump money into a slot machine or wager that your favorite team will win, success could mean […]
2023 Education Tax Credits: A Guide for Taxpayers
Are you or one of your dependents currently pursuing higher education? You may be eligible for special tax credits. These credits help reduce your bill and could even provide you […]
