For freelancers, self-employed individuals, and small business owners, managing finances is an integral part of their professional journey. One key aspect of financial responsibility is handling taxes. For those with income not subject to withholding, estimated quarterly taxes become a crucial obligation. In this article, we will explore what estimated quarterly taxes are, why they […]
Home Office Deduction: Do You Qualify?
As remote work and small business continue to gain popularity, more individuals are setting up home offices to create a conducive work environment. What many may not be aware of is the potential tax benefits associated with a home office. The home office deduction allows eligible taxpayers to reduce their taxable income by claiming a […]
How to Prepare for the New 1099-K Thresholds in 2025
The IRS will enforce new reporting thresholds for 1099-K forms starting in 2025. The changes will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s break down what’s changing with the 1099-K thresholds, […]
How to Renew Your ITIN
The Individual Taxpayer Identification Number (ITIN) is a crucial identification number used by individuals who are required to have a U.S. taxpayer identification number but are not eligible to obtain a Social Security Number (SSN). It’s primarily used for tax purposes. If your ITIN is set to expire or has already expired, renewing it is […]
Moving to a No-Income-Tax State? Watch Out for These Hidden Tax Costs
The promise of a state with no income tax can be incredibly appealing—especially for individuals coming from high-tax states like California, New York, or New Jersey. With the rise of remote work and the desire for a more flexible lifestyle, many people are packing up and heading to places like Florida, Texas, or Nevada in […]
Zelle and Taxes: Does Zelle Report to the IRS?
Understanding how Zelle affects your taxes is crucial. This is especially true if you’re using the platform to receive payments for business, freelance, or gig work. With 1099-K reporting thresholds dropping in recent years, many wonder does Zelle report to the IRS? While many assume Zelle flies under the IRS’s radar, the reality is more […]