If you’re a self-employed, a freelancer or a small business owner, you’ll likely have to pay estimated taxes on a quarterly basis. We’ve put together a few tips for paying estimated taxes. We’ve also included some help on figuring out how much your tax bill will be.
Author: Stephen Fishman
Sometimes, you have to move because of a change in your job or business location. Or, maybe it’s because you start a new job or business. The IRS allows you to take a mileage deduction on your taxes for these moves. Let’s take a look at deducting moving expenses on your tax returns and the moving expense deduction rules.
The IRS says that to deduct your mileage as a business expense on your tax return you must keep a record of your business trips during the year and the total miles your drive. This is often used for the mileage deduction for business use of a personal car. But, what happens if you use your business car only for work purposes? Do you still need a mileage log?
If you’re a self-employed independent contractor, every client who pays you more than $600 during the year is required to report the payments to the IRS (and your state tax agency) on IRS Form 1099-MISC. This year, there’s a new 1099-MISC deadline.