Tax Resources

Do you ever wish you had magical stress-busting powers at tax time? You know, the kind that allow you to make any document you need appear in a matter of seconds regardless of where you are or when you need it? Maybe you need a copy of your W-2, or those 1099s you had your contractors complete. Or perhaps you need a bank statement or a copy of your receipt from American Airlines. We get it. We need those things, too. That’s why we love Evernote.

Evernote is a digital organizer. And as far as we’re considered, everyone should use it. It’s the fastest & easiest way to keep all of your notes, webpages, inspirations and ideas at your fingertips … Read more →

Estimating Quarterly Tax Payments

Q: I’m a brand new freelancer. How can I estimate my 2012 earnings so I pay enough in quarterly estimated tax payments , when I can’t anticipate how much I’ll earn this year? A: Once you become self employed (no longer receiving wages and a W-2) you enter the world of business taxes!  You are correct in recognizing that you have left the world of income tax withholding good-bye.  Quarterly estimated tax payments are the alternative for those with no employer to withhold throughout the year.  These require you to estimate your total bill, divide it by four, and send quarterly estimated tax payments to the IRS.  As with withholding, you owe specific percentages by specific … Read more →

Tax Deductions For Home Office

Q: Does the home office deduction work if you rent your home?

A: Yes it does!  The home office deduction is probably the most misunderstood deduction in the entire tax code. For years, taxpayers feared that claiming tax deductions for home office would raise an automatic audit flag. But Congress has relaxed the rules, so now it’s far less likely to attract attention.

Qualifying for tax deductions for home office is fairly simple, here’s how:

You must use your office regularly and exclusively for business to qualify for the deduction.  Once you’ve qualified, you can start deducting expenses. If you’re taxed as a proprietor, you’ll use Form 8829. If you’re taxed as a partnership or … Read more →

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