Self-employment tax is often one of the largest tax obligations for freelancers, consultants, and small business owners. Fortunately, the Internal Revenue Code (IRC) provides several ways to legally minimize...
If you are self-employed, an independent contractor, freelancer, or have significant income without tax withholding, the IRS generally requires you to make quarterly estimated tax payments. Failure to do...
Startup Cost Deduction When starting a new business, many costs are incurred even before operations officially begin. Fortunately, the IRS allows business owners to deduct startup costs under specific...
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 The IRS requires taxpayers to pay taxes throughout the year, either through withholding or estimated tax payments. If you underpay your taxes, you may face penalties and interest...
Introduction The IRS requires tax withholding on various types of income to ensure taxes are paid throughout the year. Under IRC § 3402, employers must withhold federal income tax,...
Introduction The Credit for Other Dependents (ODC) is a non-refundable tax credit designed to help taxpayers supporting qualifying dependents who do not qualify for the Child Tax Credit (CTC)....
Introduction If you made energy-efficient upgrades to your home in 2025, you may qualify for a tax credit that reduces your federal tax bill. Under IRC § 25C and...
Introduction Financial ratios help business owners and investors evaluate financial performance, profitability, and stability. These ratios, derived from financial statements, provide insights into a company’s liquidity, efficiency, leverage, and...
Introduction A break-even analysis helps businesses determine the sales volume needed to cover total costs before generating a profit. It is essential for pricing strategy, financial planning, and cost...