Business Taxes

  • Photo of Should You File Jointly or Separately?

    Should You File Jointly or Separately?

    Most married couples file their taxes jointly. This approach enables them to combine their income and utilize larger deductions or tax credits. For instance, the married filing separately child tax credit is much more limited in comparison to a joint return. Above all else, when you decide whether to file jointly or separately, it is important to keep in mind…

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  • Photo of Work From Home Tax Deductions That You Can Claim

    Work From Home Tax Deductions That You Can Claim

    At home businesses have many advantages over their brick-and-mortar counterparts. For a start, entrepreneurs save money on gas and office rent. Similarly, freelancers that operate online enjoy unique benefits in comparison to employees who commute to a physical office location. However, transportation costs and rent are on the tax deductible expenses list of traditional businesses, but not digital ones. Nonetheless,…

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  • Photo of A Business Loan vs. Grant: Which One?

    A Business Loan vs. Grant: Which One?

    When looking for solutions, every business owner and entrepreneur knows that there is no one-size-fits-all approach. Each entity is unique, and their approach depends on their industry, size, business model, location, and structure. However, every company needs capital and funding in order to grow. Some firms are able to qualify for a private or federal small business grant. Others, meanwhile,…

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  • Photo of The Best Online Budgeting Tools for Taxes

    The Best Online Budgeting Tools for Taxes

    In a previous article, we outlined the advantages of using online budgeting tools for your taxes. We also discussed how the IRS customer service team may offer free support and guidance. These different tax-preparation methods can save you plenty of money and time, while enabling you to discover new deductions and credits. Some of the most prominent apps include PocketGuard,…

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  • Photo of The 2020 Inflation Adjustment and Your Health Premiums

    The 2020 Inflation Adjustment and Your Health Premiums

    Starting next year, inflation will impact the average monthly health insurance cost and the Medicare premiums 2020 rates. More specifically, even if your income doesn’t change, inflation might diminish your taxable earnings. In turn, you may qualify for lower premiums and tax savings. Having said that, higher health insurance options are also on the table. If your income increases, so…

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  • Photo of The Hidden Burden of Sales Taxes

    The Hidden Burden of Sales Taxes

    Imagine that you’re in line at the grocery store. As the cashier rings up the other customers’ items, their total payment and sales taxes show up on the register. Meanwhile, when it is your turn, the checkout employee deducts your taxes or refunds you the amount in cash. If you happen to live in one of the states with no…

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