Article Highlights: 1099-K Schedule C Uber and Credit Card Fees Record Keeping Vehicle Expense Options Home Office Other Options With tax time approaching, if you drive for Uber, Lyft or a competitor, here is some tax information related to reporting your income. You are considered self-employed and will report your income and deductible expenses on IRS … [Read more...] about Driving For Uber Or Others? Your Tax Situation Is Unique
Small Business
5 Things You Need to Do After Jumping Into Entrepreneurship
Congratulations! You've decided to dive into the exciting world of entrepreneurship and bring that great business idea to life. Whether you're opening a local brick-and-mortar business that your community needs, looking to grow rapidly in the next few years and get an investor, or just keep things small and solo, certain steps come next that aren't as exciting as preparing for … [Read more...] about 5 Things You Need to Do After Jumping Into Entrepreneurship
Setting Up Sales Tax in QuickBooks Online
Sales tax is one of the more complicated concepts supported by QuickBooks Online. QuickBooks Online was designed for you, the small businessperson. You’ve probably discovered that many of its features are fairly easy to use from the start. But just because QuickBooks Online can do something doesn’t mean you should attempt it on your own. Sales tax is one of those things. … [Read more...] about Setting Up Sales Tax in QuickBooks Online
Using Home Equity for Business Needs
Article Highlights: Business Interest Home Mortgage Interest Excess Interest Standard Deduction Alternative Minimum Tax Self-Employment Tax Allocations Small business owners frequently find it difficult to obtain financing for their businesses without pledging their personal assets. With home mortgage interest rates at historic lows, tapping into your home equity is … [Read more...] about Using Home Equity for Business Needs
August 2016 Business Due Dates
August 1 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2015. August 1 - Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax … [Read more...] about August 2016 Business Due Dates