The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are some things […]
TaxConnections
How To Save Cash Like An Investor Before You Start Investing
Watching the balance on your savings account climb higher and higher is undeniably a deeply satisfying feeling, but there absolutely is such a thing as “having too much cash.” Piling stacks on stacks might feel great, but letting too much of your money sit there and gather dust is almost never the best strategy — […]
What You Need to Know About Covid-19 Tax Relief
Over the last three months, COVID-19 has grown to affect almost every aspect of daily life. From shelter-in-place mandates to the millions of workers currently out of work, we’ve all felt the impact. As a small business ourselves, we understand that this is a time of financial crisis for so many similarly-sized businesses across the […]
COVID-19 and the Pandemic Impact on Opportunity Zones
We talked to leading tax expert Blake Christian, Tax Partner at HCVT in Long Beach, CA/Park City, Utah about the impact on Opportunity Zones during this time. The goal was to gather how the pandemic affects Opportunity Zones and advice on strategies moving forward. TaxConnections genuinely appreciates Blake’s input as he offers very valuable insight […]
The Difference Between Independent Contractor And Employee: Why It Matters
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors. That’s […]
3 Important Sales Tax Predictions to Watch for in 2020
The world of sales tax has changed a lot in the past year. Following the Supreme Court’s Wayfair decision, 2019 was the year most states began requiring businesses to collect and remit sales tax, and then began making marketplace facilitators (such as Amazon or eBay) responsible for collecting and remitting the taxes on sales that […]
9 Top Tax-Saving Strategies for Your Business
As a business owner, you know first-hand that taxes can take a big chunk out of your pocket. No matter how small your business is or how large you grow, you’ll always be on the hook for some kind of taxes. However, the tax code is such that there is always room for strategic tax […]
IRS Rules on Deducting Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or […]
What is an S Corporation?
According to the IRS, S Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S […]
Small Business Credit Options to Manage Cash Flow
Small business owners quickly learn the importance of monitoring their cash flow. The flow of money in and out of your business can impact everything from the stock you have to sell to keeping the lights on. In a perfect world, your cash flows would align. All of our customers would pay their bills before […]
