If you are self-employed, you might be overwhelmed by the expenses you have, including your self-employment tax liabilities. However, you can claim self-employment tax deductions to reduce the amount you owe in taxes. See how you can take advantage of self-employed tax relief below. Who is self-employed? You are self-employed if your business is unincorporated. […]

Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS. You might be thinking that a business mileage deduction is only going […]

A new rule, known as company beneficial ownership information reporting, takes effect on January 1, 2024, and small business owners are not exempt. Depending on your business structure, you must report beneficial ownership information (BOI)—aka who owns and controls your company—to the U.S. government. If you fail to comply, you could face hefty penalties and […]

Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s. Here’s what to know about IRIS 1099 filing.  What is IRIS 1099? The Information Returns Intake System, IRIS, is a free platform that businesses can […]