How Freelancers Can Write Off their Business Travel Expenses

While there are many risks of being a freelancer, it cannot be denied that there are plenty of benefits, too. One advantage of being self-employed is that you can make…

Estimated Taxes

Estimated Tax Deadline Is September 15th for the 3rd Quarter

Uber driver or involved in some kind of consulting work?  Whether you’re working as a 1099 contractor or enjoying making money from renting your spare room, don’t forget you may…

Am I Going To Have To Work Forever Because I Am Self-Employed?

Am I Going To Have To Work Forever Because I Am Self-Employed?

When you are self-employed you rely on yourself to pay your paychecks and insurance. Without any employer, retirement funding and saving falls on you entirely. That can be a lot…

Rules To Claim A Person As A Dependent On Your Tax Return

Rules To Claim A Person As A Dependent On Your Tax Return

It is not always easy to figure out who you can claim as a dependent with the Internal Revenue Service. Below is a cheat sheet that will help you easily…

Tax Advantages of being a home owner

Tax Advantages of being a home owner

  When you own a home you are able to deduct a lot of home related expenses if you itemize your deductions. That means that you will have to file…

Self Employment Income Needs To Be Turned Into Pension Plan

Self Employment Income Needs To Be Turned Into Pension Plan

For people who are self employed, had a great year and want to save for retirement, it is advised that they start a defined benefit plan by the end of…

Top 10 Mistakes You Can Get Sued For

Top 10 Mistakes You Can Get Sued For

Employers with good intentions might be breaking employment laws without realizing it. The California Chamber of Commerce cataloged the top mistakes that a company can get sued for. Some of…

What Is The New Home Office Deduction?

The new deduction for people that work from home could save taxpayers money and time when it is time to file tax returns. There are millions of people that work…

Strategies To Reduce The Net Investment Income Tax

Strategies To Reduce The Net Investment Income Tax

The goal of planning  net investment income tax (NIIT) is to manage the adjusted gross income and net investment in order to reduce the total amount subject to federal tax….

Are you making more than average income ?

Are you making more than average income ?

Here is chart from the Tax Foundation.  According to this chart, the average income for taxpayers age 55 to 65 is nearly $82,000—and the average for all taxpayers is about…