How do I report my Uber and Lyft income? Rideshare driving is so confusing. Most jobs are fairly simple: Here’s your form, plug in the numbers, taxes are done. Rideshare driving is different. You are self-employed. Why? Because they don’t tell you when to come to work or what to… Read More »Taxes for the Gig Economy
I hear it all the time: “I paid the taxes on that and I’m not going to pay taxes on it again.” Gambling wins, retirement and 401k withdrawals, legal settlements, bonuses for selling plasma, and other payments have the taxes held out. Often, I have clients that are resistant to… Read More »“But I Already Paid the Taxes on That!” – Taxes Held Out on Payments
A 1031 exchange is also known as a ‘like-kind’ exchange and it a method or deferring the taxes on the sale of a piece of property.
I can deduct the work I do on my house, right? I get asked this often. The answer is… maybe? I think I give that answer to everything, so let’s see how selling your home is taxed and what you should be doing NOW to minimize future taxes. There are… Read More »Can I deduct my home improvement expenses?
Arkansas has NOT extended the deadline to assess your property in 2020. The May 31 deadline to assess all property stands. Since that is on a Sunday, the deadline is Monday June 1. What is Property Tax? Property tax is one of the three main sources of income for Arkansas,… Read More »Arkansas Commercial Property Tax Assessment
Gambling. People try to hide it sometimes. Others wear winning like a badge of honor. But when you win more than a few hundred on the lottery or at the casino, the government knows. Form W2-G You will know when it happens. You need to go to the lottery… Read More »Gambling Winnings on Form W2-G
On February 27th, 2020, Diane was invited to teach a class at the Fayetteville Library on the topic IRS Reporting for Nonprofits. The specifics of taxes for nonprofit organizations is something hard to grasp for many new nonprofits. It is well understood that nonprofits do not have to pay taxes,… Read More »IRS Reporting for Nonprofits
Why Would I Have to Send a 1099 to Someone? (Updated for January 2021) IF 1 – You have a business and business expenses AND 2 – One of your expenses is paying a person (or people) to do work for you AND 3 – These people are NOT your… Read More »Everything You Want to Know About Form 1099
You know what’s frustrating? When regular customers tell me they signed up for some new service with another accountant. Or used some online legal service. Or bought some scammy service that they don’t need. “You do that? I had no idea!” they’ll say. It’s so frustrating for me. I want… Read More »36 Things Your Accountant Can Do for You
I got a text the other day from a client asking if I could pull a copy of his 1994 tax return. My first gut reaction was, “Why on earth would you need it?” I learned a long time ago not to ask ‘why’ unless there is a good reason.… Read More »Can I get a copy of my old 1994 tax return?