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The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2018-30). Under Sec. 223, individuals who participate in a high-deductible health plan (HDHP) are permitted a deduction for contributions to …
Continue reading IRS issues HSA contribution limits for 2019
The answer to this question essentially boils down to whether someone who does work for you is self-employed or an employee. Here’s the difference: Self-employed independent contractors are paid in full for their services and are responsible for settling up with federal and state governments at tax time. The payor reports payments on IRS Form …
Continue reading What’s the difference between a 1099 and W-2?
If you use your home for your business -- whether to greet clients, work on bookkeeping or store roofing supplies -- you may be entitled to deduct home office expenses from your business income. That includes whatever share of property taxes that you can assign to your workspace. If you own a home, you can …
Continue reading How to Deduct Property Taxes on a Home-Based Business
Freelancers and independent contractors face unique challenges during tax season. Here are some quick tips to better manage the process and maximize your deductions. Tax season: Two words that can strike fear into the self-employed. Whether you did a few extra freelance gigs on the side or manage your own business, self-employment adds additional layers …
Tax Season Tips 1. Organize your pay stubs, bank statements and W2 and 1099 forms. documents. 2. Keep track of all your expenses, deposits, and transactions throughout the year. 3. Find a professional tax service authorized by the IRS. 4. If you foresee that you may have to pay the IRS. Make a budget plan …
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