The phrase “adjusted gross income” sounds pretty dull. But it’s actually the most important single number on your tax return. If you don’t understand what it is, you may end paying more taxes than you need to. Let’s go over what it is and how to calculate your adjusted gross income.
If you’re lucky enough to get a tax refund, it’s a nice infusion of cash. It’s easy to want to spend it on something lavish or fun. But as a small business owner, you can invest your tax refund in your business and have it compound in value. Take a look at these tax refund spending ideas that can help grow your business and your wallet.
Most people who drive for business calculate their deduction using the standard mileage rate. This is definitely valuable and you should take it. But, don’t forget about these three often-overlooked business vehicle deductions for your business car.
Today, lots of people work as employees and have their own businesses on the side. Good examples are employees who moonlight as part-time drivers for Uber or Lyft. Here’s how to file taxes when you have a W2 and 1099.