How to Calculate the Home Office Deduction

How to Calculate the Home Office Deduction

If you’re a business owner or self-employed, you may be eligible for the home office deduction. Don’t miss out on potential tax savings! In this article, we’ll guide you through the steps to calculate this deduction and help you boost your bottom line. Let’s get started!

16 Tax Deductions and Benefits for the Self-Employed

16 Tax Deductions and Benefits for the Self-Employed

Being self-employed comes with a unique set of challenges, but it also offers numerous tax deductions and benefits. From home office expenses to health insurance premiums, take advantage of these 16 deductions to lower your tax burden and maximize your profits. Keep more of your hard-earned money while building your business.

Self-Employment Tax Deduction.

Self-Employment Tax Deduction.

We all dream of being our own boss and reaping the rewards that come with it. Thankfully, self-employment tax deductions can make that dream a reality! Discover how these deductions can save you money and motivate you to take the leap into self-employment.

Mastering Independent Contractor Taxes: Your Path to Financial Success

Mastering Independent Contractor Taxes: Your Path to Financial Success

If you’re an independent contractor, understanding your tax obligations is crucial for financial success. By mastering the intricacies of contractor taxes, you’ll gain control over your finances and pave the way to a prosperous future. Don’t be intimidated! This article will guide you step by step, ensuring you maximize your deductions and minimize your tax liability. Get ready to embrace your business’s financial potential!

Tackle Taxes with Ease: Powerful Strategies for 1099 Contractors

Tackle Taxes with Ease: Powerful Strategies for 1099 Contractors

Are you a 1099 contractor feeling overwhelmed by tax season? Don’t worry! We’ve got your back. Check out these powerful strategies to tackle your taxes with ease and maximize your deductions. Stay organized, claim all eligible expenses, and breathe a sigh of relief as you conquer your taxes like a pro!

IRS in Action: Unraveling the Tax Tangles!

IRS in Action: Unraveling the Tax Tangles!

Feel like a detective? Join the IRS in their tax tangle unraveling adventures! From chasing paperwork ghosts to catching sneaky tax evaders, the IRS is always on the move. Get ready for an adrenaline rush as these financial superheroes bring justice to the world of taxes!

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SEE HOW MUCH YOU QUALIFY FOR
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Helping independent business owners get every dollar they deserve.

Our team of tax experts are here for small business owners to claim the federal FFCRA tax credits commonly known as the Self Employment Tax Credit (SETC). Get up to $32,220 back!

For 2019, 2020 and 2021 Enter your Net Income for Each Year:

To find your self-employed income for taxes, check your Schedule C, specifically “Line 31 – Net Profit or (loss).” This is your total income before deductions, combining earnings from all your jobs.

For 2020 and 2021 how many DAYS per YEAR did you sacrifice working in your business because you had COVID 19, had COVID 19 symptoms, a COVID 19 related illness and / or were told to quarantine because you were exposed or affected by COVID 19.

If you had COVID-19 and took time off between April 1, 2020, and March 31, 2021, or between April 1, 2021, and September 30, 2021, you can claim up to 10 days in each period.

For 2020 and 2021 Enter the DAYS per YEAR you sacrificed working in your business because of care for #1 your minor (under the age of 18 or a child with severe disabilities) child’s school or daycare closed, your child out was sick, or your child was told to quarantine due to COVID 19 and / or #2 for the same reasons you cared for another over 18 individual(s).

If you cared for someone between April 1, 2020, and March 31, 2021, you can claim up to 50 days. From April 1, 2021, to September 30, 2021, you can claim up to 60 days.

As per IRS guidelines, you are NOT required to provide proof of a positive COVID-19 test or your COVID-19 status when submitting your filing. Instead, you are confirming IN GOOD FAITH that you experienced COVID-19, its symptoms, related illness, or quarantine, resulting in the inability to work and earn income. While no specific evidence is needed for filing, it’s advisable to retain certain records for your records. These might include a positive COVID-19 test result, a healthcare provider’s note about your positive test or symptoms, or documentation indicating quarantine. Also, remember that maintaining records of non-working days due to COVID-19 exposure or symptoms could be beneficial, such as data from your business software or bank statements reflecting the absence of sales deposits during that period. You can trust our simplified process to account for your circumstances accurately and fairly.

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