Little-Known Tax Tips for Small-Business Owners

At tax time, small businesses look for ways to save money and maximize credits and deductions. “One of the most overlooked ways for small businesses to save at tax time starts at the beginning of each tax year,” advises David Ayoub, CPA in Syracuse, N.Y. “It’s simple. Keep every receipt. Find a way to corral all the loose receipts lying around your desk, in your purse and in your car. They can add up to a lot of deductions.” Another easy and often overlooked deduction is the cash transactions that many small businesses do. “Keep track of everything in a log,” adds Ayoub. To find out more, see the full TurboTax article.

The Difference Between a 1099 and a W-2 Tax Form

Both the Form W-2 and Form 1099 serve a similar purpose—to report income you earned from sources throughout the tax year—but each is issued under different circumstances and requires slightly different approaches for tax season planning. See the full TurboTax article for some tips to decode these two forms and what to expect when preparing your taxes.

Common Tax Deductions for Construction Workers

Regardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and materials, and even certain other items that come in handy in your business or on the job. 

If you’re an employee for a construction company, rather than an independent contractor, and your employer doesn’t reimburse you for expenses on the job, your unreimbursed employee expenses are no longer deductible. Independent contractors generally have no limit on the ability to deduct work related expenses. See the full TurboTax article for details so you can plan ahead.

Tax Tips for Freelance Writers and Self-Published Authors

If you earn money selling your words to websites and other publishers, the Internal Revenue Service will likely say you’re a small business owner. Freelance income is self-employment income, and so are any royalties you receive for that book you published or self-published. That can be a good thing, because the self-employed are privy to some tax perks that employees don’t usually receive. To learn more, see the full TurboTax article.

The Musician’s Guide to Taxes: Top Tax Deductions

The chance to be creative—and the opportunity to be your own boss—makes working as a musician exciting. Launching and maintaining your music business usually involves paying some basic business expenses, and you can deduct these on your tax return. See the full TurboTax article for some of the top business deductions and expenses for self-employed musicians, as well as some tips to guide you through filing your tax return.

Tax Tips for Bloggers

Blogging is a relatively new profession, but it’s covered by the same tax laws that apply to many other occupations. The main danger from a tax perspective is that, as a self-employed blogger, your taxes won’t be automatically withheld from your earnings, as is typical with traditional employees. Additionally, you’ll owe self-employment taxes that most employees don’t pay. However, you may be able to take advantage of certain deductions to reduce your tax bill. See the full TurboTax article for details.

Top Tax Deductions for Photographers

Running a photography business requires a lot of space—from the studios where you shoot to the storage space where you keep a library of props. You can deduct the cost of the venues used for your business. You can also deduct other costs associated with studio space that are used to maintain it, like electricity, phone, internet, and insurance. For more tax tips, see the full TurboTax article.

A Tax Filing Factsheet for eBay Sellers 

You can find almost anything for sale on eBay, from a piece of fine art to clippings of Justin Bieber’s hair. So it’s no surprise that the IRS doesn’t view all sellers alike in the online marketplace. You may not have to pay tax at all if you are essentially hosting an online garage sale, but if you run your eBay account more like a business, you should be reporting your sales to the IRS. To find out more, see the full TurboTax article.

Top Tax Deductions for Massage Therapists

As a massage therapist, you know how to take care of your clients’ well-being—but you might need some help of your own when it comes to tax time. We’ve got your back! To learn about the top tax deductions you may be eligible for, see the full TurboTax article. They just might save some dollars at tax time!

A Tax Guide for Solopreneurs: Self-Employed Tax Tips

Flying solo can be the ultimate business adventure. When you run your own business and you’re the only employee, you truly hold all the cards and earn the freedom to achieve your ideal work-life balance. Working for yourself also brings tax advantages not available to those who work for others. It’s important to understand the tax rules that apply to the self-employed to profit the most from these. To find out more, see the full TurboTax article.

What Is a Tax Home?

If you travel for work, you may be able to claim tax deductions for some of the expenses you incur while you’re away from home on business. But your “home,” in this sense, isn’t necessarily where you live. It’s where you work—what the IRS refers to as your “tax home.” To learn more, see the full TurboTax article.

Can Cellphone Expenses Be Tax Deductible with a Business?

Cellphones have become just as vital to business as a land line, which makes cellphone use a legitimate, deductible business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it’s a deduction that the IRS scrutinizes very carefully to make sure personal electronics use isn’t being claimed as a business expense. To find out more about deducting cellphone use on your tax return, see the full TurboTax article.

Tips for Paying Estimated Taxes

Many people experience career changes and significant income swings. Often, this meant facing unfamiliar federal income tax requirements, like estimated taxes, which can confuse the newly self-employed. For a few tips to help you avoid mistakes that result in penalties and interest, see this helpful TurboTax article.

Myths About Quarterly Taxes for the 1099 Tax Form

For those Americans who pay quarterly taxes—or those who don’t but who think they should—understanding the rules governing estimated taxes is vital. See the full TurboTax article to learn about some of the myths surrounding quarterly tax payments and IRS Form 1099-MISC.  

A Guide to Paying Quarterly Taxes

As a small business owner or freelancer, you’ll find that mastering your quarterly taxes is a key part of running a successful company. If you’ve come from a corporate or employee background, this may require a shift in your mindset, since you probably think of taxes as something you do once a year. But the good news is that paying taxes quarterly allows you to spread your tax responsibilities over the year and avoid a disruption to your cash flow come tax time. To find out how quarterly taxes work and what you need to know when filing your tax returns, see the full TurboTax article.