Active Income vs Passive Income

Active Income vs Passive Income

Active income vs passive income – what’s the difference?  Maybe you’re working hard trying to turn your side hustle into your main gig, or maybe you’ve already taken the leap and set yourself up as your own boss. Either way, you’re probably really focused...
How to Claim the Standard Mileage Deduction

How to Claim the Standard Mileage Deduction

If you work for yourself, deducting your driving expenses can give you significant tax savings. Learn more about the Standard Mileage Deduction here. Working for yourself comes with lots of perks. One of them is the ability to deduct all kinds of expenses, which...
I filed a tax extension – what now?

I filed a tax extension – what now?

Three tips on what to do after filing a tax extension If you weren’t done with your tax return in time to file by April 18, filing for a tax extension was a smart move. When you complete Form 4868, Application for Automatic Extension of Time to File, you get an extra...
Tax Extensions 2023

Tax Extensions 2023

Tax Extensions in 2023  For most individuals and small businesses, federal income tax returns for 2022 are due this Tuesday—April 18, 2023 (multi-member LLCs, S corps, and partnerships were due March 15). If you’re feeling stressed about meeting the deadline, we’ve...
What is a SEP IRA?

What is a SEP IRA?

What Is SEP IRA, and How Do They Work? A Simplified Employee Pension IRA, also known as a SEP IRA, is an individual retirement account (IRA) for people who are self-employed or own a small business. What is an IRA? An IRA is an individual retirement account that...
Section 179 Deductions: Business Vehicles

Section 179 Deductions: Business Vehicles

How to Write Off a Car For Your Business Section 179 Deductions for Buying a Business Vehicles If you purchase a new or used car or truck for your business, you can usually write off part or all of the purchase price by taking a section 179 deduction. Learn more about...