What is a hobby loss? A hobby loss is a loss incurred from engaging in a hobby that is not considered a business for tax purposes. According to the IRS, an activity is regarded as a hobby if it is not pursued to make a profit. Hobby losses are generally not...
Are you self-employed and wondering about your health insurance deduction for self-employed? This article cuts through the complexity, clearly separating eligibility criteria, deductible expenses, and a step-by-step claiming process. Understand how to leverage this...
Understanding Beneficial Ownership Reporting: Key Takeaways For Your Business The Corporate Transparency Act (CTA) has significantly changed how businesses operate. The reporting of beneficial ownership for corporations, LLCs, and similar entities registered in the...
What are 1099 Independent-Contractor TaxesFreelancers and independent contractors earning $600 or more from contract work in a tax year receive a 1099-NEC tax form. The hiring party sends the 1099 form to the IRS and provides a copy to the Contractor. The Contractor...
What is the Masters’ Exemption? The Masters Exemption Tax Rule, also called the Augusta Exemption or Augusta Rule, is a tax loophole. It permits business owners to rent their homes to their business for legitimate purposes, gaining tax benefits. However,...
Navigating Types of Business Entities Starting a business in the United States can be daunting, especially if you’re a non-citizen. Not only do you have to navigate the complexities of starting a business, but you must also ensure that you comply with all the...
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