Self-employment tax is a major part of a self-employed individual’s IRS obligations. It includes Social Security and Medicare taxes that would otherwise be withheld from an employee’s paycheck. If...
Investing in your skills through professional development is often critical for business success. Fortunately, under IRS rules, certain educational expenses may be deductible if they maintain or improve your...
The Qualified Business Income (QBI) deduction allows many business owners to deduct up to 20% of their business income on their personal tax return, significantly reducing federal income taxes....
Introduction Running a restaurant or food business comes with high operating costs, fluctuating revenues, and complex tax rules. Fortunately, the IRS offers several deductions and credits that can help...
Introduction Tech startups face high initial costs, rapid scaling challenges, and complex tax requirements, but the IRS offers several tax breaks that can help entrepreneurs save money. By taking...
Introduction Real estate agents operate as independent contractors or self-employed professionals, making tax planning crucial for maximizing deductions and reducing taxable income. Since agents often incur significant business expenses,...
Introduction The IRS 1099-K reporting rule has changed in 2025, affecting small businesses, freelancers, and gig workers who receive payments through third-party platforms like PayPal, Venmo, Square, eBay, and...
Introduction The IRS is intensifying efforts to combat tax fraud in 2025, focusing on high-income earners, cryptocurrency transactions, unreported income, and fraudulent deductions. With increased IRS funding, audit rates...
Introduction The Inflation Reduction Act (IRA), signed into law in 2022, introduced significant tax provisions that impact individuals, businesses, and self-employed taxpayers. In 2025, several key provisions continue to...
Introduction Many taxpayers miss out on valuable deductions simply because they don’t know they exist. The IRS tax code allows for several deductions that can reduce taxable income, but...