Accounting Masters LLC

11/29/2022

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!

11/28/2022

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!

11/25/2022

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:

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)....

11/24/2022

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!

https://bit.ly/3TKj6sJ

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.

11/23/2022

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

https://bit.ly/3V2j6FS

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.

11/22/2022

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!

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.

11/21/2022

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

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 ...

11/18/2022

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

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....

11/17/2022

Do you have to pay taxes on social security benefits?

NOTE: “Combined income” includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.

11/16/2022

Do you know what the contribution limit for employees who participate in 401k is?
https://cnb.cx/3UYOCo7

The IRS is raising contribution limits for 401(k) and IRAs in 2023.

11/15/2022

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?

https://bit.ly/3GfIN1e

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...

11/14/2022

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