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Did You Play an Active Role in Your Business? Playing an Active Role in Your Business This means that you were actively working in the business on a consistent, year-round basis. (An investor normally does not qualify.) You “materially participate” in a business if you do any of the following: – Work more than 500 […]
What’s a 1099-K and what is the income threshold? The 1099-K form reports income received through third-party digital payment methods like: If you received a 1099-K for your digital payments, you would need to report this income on your tax return. You do not have to report nonbusiness income like exchanges between friends or family, […]
Disability Payments and Taxes If you become disabled and you begin taking money out of your retirement plan, you won’t have to worry about a penalty for early distribution, but you still need to report this income on your tax return. Things to know about disability and your retirement plan: -If both you and your employer […]
Private Unemployment Benefits Private unemployment benefits are unemployment benefits that you did not receive from your state unemployment agency. They include: – union unemployment benefits funded by union dues – taxable private unemployment fund benefits that exceed contributions – state employees who are not covered by their state’s regular unemployment fund and receive employee benefits […]
Can You Deduct Your Car Lease Payments on Your Taxes? Car lease payments may be tax deductible for self-employed individuals and business owners according to IRS guidelines. However, there are restrictions on who can claim this deduction, and only the part of the lease payment related to business use is eligible for the deduction. Keeping […]
Should you split expenses 50/50 even if your partner makes more? Managing finances individually can be difficult, let alone in a partnership. The cost of living continues to rise across the country leaving many people in tight situations – making ‘this or that’ decisions. When we throw in savings goals, overall financial awareness, and debt […]
This business loan calculator is a simple tool that allows you to calculate the monthly payment on a business loan. It considers the loan amount, interest rate, and loan term (in years) that you provide as input. To use the calculator, simply enter the loan amount, interest rate, and loan term into the form, and […]
Free QR Code Generator A QR code (short for Quick Response code) is a two-dimensional barcode that can be read by a smartphone or QR code reader. It consists of a pattern of black and white squares arranged on a grid, which encodes information such as text, URLs, or other data. QR codes were developed […]
7 Wealth Generation Strategies for an Inflationary Environment Inflation is a global issue now, and every country is dealing with the fallout from financial pressure with different levels of success. Individuals concerned with wealth generation are also scrambling to react to the circumstances. One way to stay a step ahead of inflation is by effectively […]
How To Tell if You Should Buy a House Now Buying your first house might be the biggest financial investment that you’ve ever made to this point in your life, and possibly the most complicated. In addition to determining if you’re making a sound financial investment, owning your home is just as much an emotional […]