The World's first A.I. tax engine for freelancers.

  Of course, yes, even bloggers can get tax benefits. Tax deductions are a terrific method to keep more of the money you have worked so hard for while still paying less in taxes. All year long, they lower the amount of taxable income generated by your blog business. Travel bloggers write off various expenses, including those for office supplies, travel, conferences, and seminars. Even better, both full-time and side bloggers are eligible for these deductions. All bloggers are considered independent contractors by the IRS. In this post, you will look at some of the tax benefits for bloggers Startup costs  The initial tax benefit for every blogger is startup cost deduction. These deductions will cover only your first year of operation. To start their blogs, new bloggers must pay one-time startup costs. Some of these apply to all businesses, while others are unique to bloggers. An illustration of a startup expense is the cost of incorporating your business. Building your website...

Your tax bracket displays the percentage of income subject to taxation. For instance, the first $9,525 of your income is taxed at the lowest rate of 10% if you are a single person. The 12 percent  1099 tax bracket  applies to the remaining portion of your income. That holds for each tax rate up to your maximum taxable income. According to the progressive tax system, all taxpayers pay the same rates on the same amounts of taxable income. The general result is that tax rates are greater for those with higher incomes. Your tax planning and debates about tax policy will be more informed and reasonable if you understand how your income is taxed and how the tax rates operate. Let's look at the new tax brackets and see the most of them as you reach 2022 and inflation continues to rise. How does it work? Your taxable income is $9,000, and you are single without dependents. You pay an income tax of $900. That is easy. If your taxable income is $19,000, what happens? You are currently i...

  Being a self-employed person comes with many benefits, such as flexible work hours and not notifying the boss. With the ease of working for self, liabilities also come like calculating and paying quarterly taxes. You can calculate your taxes using a quarterly tax payment calculator or if you require more help, consult with a financial advisor.    What are Quarterly Tax Payments?    Quarterly taxes are also called estimated taxes and are a taxation type that you must pay beforehand for the yearly tax returns. They work on a pay-as-you-go basis, signifying you pay them yearly. At the time of each quarter, relevant taxpayers pay a part of their foreseen yearly income tax. In consequence, these payments are evaluations.    These periodic tax payments are signified to include Social Security, Medicare, and your income tax. Therefore, you should acquaint yourself with the breakup of these taxes: the self-employment tax and income tax. Income tax tracks si...

 The introduction of work from home has given rise to the self-employment concept. Many people lost their jobs and thus have resorted to small businesses and freelancing. Self-employed individuals are their own bosses, and hence they are solely responsible for the business operations, including conducting daily operations to smoothly filing taxes. They must be aware of self-employed tax deduction rules. Hence, it is important to understand self-employment deductions.   What is a self-employed tax deduction?    Every self-employed person, freelancer, and independent contractors are liable to pay a basic self-employed tax which comprises Medicare and Social Security taxes. The law has set a maximum amount of net earnings that are subject to the Social Security tax. Any amount that exceeds the given amount is not subject to the tax.    How to calculate?   * The total tax rate of self-employment is 15.3% - which is divided into 12.4% for Social ...

Imagine you are back in the country from an international business trip, but did you know that you may also be able to significantly reduce your next tax bill, all thanks to your stint abroad! A major portion of travel-related tax deductions is yours for the taking if they fall within the IRS guidelines. The most important rule in the entire deduction process is that all the expenses should be exclusively and necessarily incurred during your job performance, meeting the business objectives. It means that you should not be personally gaining from claiming the expenses.      Eligibility rules for travel deductions -    For both domestic and international trips, you can deduct the 'ordinary and necessary' expenses incurred during your travel which must be 'away from home,' as long as they are related to your job. An ordinary and necessary is a term used by the IRS to designate expenses that are 'ordinary' for any business, given the industry it is in, and 'nece...