If you’re a 1099 worker, your tax life is very different than that of employees. It’s vitally important to understand how to file your taxes when you’re a 1099 worker, or you can end up in big trouble with the IRS.
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The tax reform bill, officially called “The Tax Cuts and Jobs Act,” H.R. 1, was released on Nov. 2, 2017. The bill contains many provisions affecting both individuals and businesses. If you use your automobile or other vehicle for work or business purposes, read on to learn about how it could have an impact on your mileage deduction.
For self-employed individuals, there are a lot more steps involved when it comes to taxes than for most people. Here are some tips to help you keep as much of your hard-earned money as you can.
If you’re self-employed, paying estimated taxes is old hat by now. But, what if this is your first time doing it? Here’s how to calculate and pay estimated taxes for the first time.
If you use a personal vehicle for business reasons, you can take many deductions for your car. This potentially includes the cost of gasoline. But, can you deduct gasoline and mileage on your taxes? Here’s what you should know:
How to Organize Finances for Freelancers
The best way to organize your finances as a freelancer is to become more aware of both your business expenses and your personal expenses. This means that every month you should have a month-end budget/financial statement for your business as well as one for your personal life. This will help you understand your cash flow and organize your finances.
In order to create these month-end statements, you’ll need to organize your finances using the following three steps:
A mileage reimbursement program can be key for many businesses. But, often employees ask, “What expenses does a mileage reimbursement cover?” Let’s go over that, as well as some tips for a great reimbursement program.
What’s Included In The Mileage Reimbursement?
The mileage reimbursement covers the cost of operating a personal vehicle for business reasons. This includes the cost of things like gasoline, oil, maintenance and wear-and-tear.
Your business can decide how to handle other driving-related expenses. This may include the costs of parking and tolls.
Tax Manager/Partnerships (Pleasanton, CA)
The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Tax Manager/Partnerships will be responsible for a range of projects including:
Kat Jennings, TaxConnections CEO and internationally recognized tax search consultant, has worked with many firms over the years. One of her clients is an East Bay Area boutique tax practice with former Big Four Tax Partners and has grown to around a 50-person tax practice. They offer a culture of support, respect, flexibility, and opportunity that is refreshing to experience these days.
Just a reminder for you: the highway use tax return is due Aug. 31. Let’s go over what the highway tax covers and who has to pay it.
What Is The Highway Use Tax?
The highway use tax return is a federal tax on highway motor vehicles with a taxable gross weight of 55,000 pounds or more. In general, this applies to truck tractors, buses and large semi-trucks. SUVs, vans and pickup trucks typically don’t have to pay this because these weigh less. Read more
We’re happy to announce that Practice Ignition has successfully been recognised for two awards this week from FinancesOnline. We’re really proud of the team and all the hard work they’ve been putting in over the last six months and it’s fantastic to see the recognition come through on the back of what has already been an eventful year for us. Read more
The IRS wants you to keep a “contemporaneous” mileage log. But, what does that actually mean? Let’s go over a recent court case to see what records you need to keep.
What Does The Tax Court Want From A Mileage Log
The Tax Court has reminded all business owners that you can’t wait until you’re audited to create records of your business mileage. Read more