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HSA Taxes: Healthcare Savings Account Tax Tips

A healthcare savings account allows you to set aside money on a pre-tax basis to pay for qualified medical expenses. It was established to provide individuals with High-Deductible Health Plans (HDHPs) a way to pay for current healthcare costs … See more

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URL: https://sharedeconomycpa.com/blog/healthcare-savings-account-tax-tips/

How to Claim the Self Employed Health Insurance Deduction

WebIf you spent $10,100 in combined insurance and medical expenses, you could only claim a $100 health insurance deduction under those rules. Conversely, a self …

Category:  Medical Go Health

The Self-Employment Ledger: How to Start and Why It's Important

WebMaintaining an updated self-employment ledger can help you better manage your finances and budget. Tracking your income is also important for forecasting and …

Category:  Health Go Health

A Complete Guide to IRS Form 8995 and How to Use It

WebForm 8995 or 8995-A, as applicable, must be attached to any return claiming a qualified business income deduction beginning in 2019. As with most tax issues, the …

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How to Calculate Amortization Expense for Tax Deductions

WebSince it’s an asset, you can’t immediately claim a $100,000 write off for the year you purchased the license. Instead, we can use the straight-line method to calculate …

Category:  Health Go Health

Free Self Employment Tax Calculator

WebSelf-employed taxes represent both your portion and the employer portion of social security and medicare taxes. For W2 wage earners, they pay into social security …

Category:  Health Go Health

Easy Expense Tracking for Maximum Deductions

Web1. Track sales and 1099’s separately. The first step to tracking your expenses is to make sure that you have a clear picture of your income. We recommend that you …

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What is a Profit and Loss Statement

WebA P&L statement tracks a company’s incoming revenues as well as their expenses and liabilities for a set period of time. It is instrumental in tracking businesses’ …

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How to Calculate Profit Margin and Improve Profitability

WebYour business earned $100,000 in profit in the second quarter, and revenues came in at $300,000. To calculate the net margin, take the $100,000 quarterly profit and …

Category:  Health Go Health

Coronavirus Resources for Small Business

WebCOVID-19 Tax Resources & Updates The IRS already extended this year’s tax deadlines, but things are changing rapidly. M ore relief is probably on the way, so …

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Tax Planning Can Save You Thousands

WebThe goal of tax planning is to save money on your taxes. Some basic aspects include: lowering your AGI (adjusted gross income), leveraging tax deductions, and …

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The New Qualifying Relative Rules for 2021

WebQualifying relatives can be direct descendants, children, step-children, foster children. It can also apply to grandchildren, great-grandchildren, and so on. In-laws, …

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FFCRA Tax Credits for Self Employed: Family Leave and Paid Sick …

WebSelf-employed workers can claim sick leave credits if they’re unable to work because they’re quarantined, experiencing COVID-19 symptoms, or seeking a medical …

Category:  Medical Go Health

How to Find the Best Tax Professional

WebImage Credit: Wisebread, https://bit.ly/2XxAkl9 These issues can be financial. Taking on a business with too much leverage can create burdensome debt …

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2020 Tax Changes For 1099 Independent Contractors

WebJoint Filers: The standard deduction increased from $24,00 to $24,400. Head of Household: The standard deduction increased from $18,00 to $18,350. As you can …

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UTMA Account Rules: Taxes on Investment Accounts for Minors

WebThere are a few things to keep in mind when opening a Roth IRA for a minor: A parent or guardian must open the account. The minor must have earned income from …

Category:  Health Go Health

The Best Monthly Bookkeeping Services for 2023

WebIn addition, Bench’s focus on small businesses allows them to tailor their services to meet the specific challenges these companies face. Pricing: Monthly fees for …

Category:  Health Go Health

Freelancer Tax Accountants Shared Economy Tax

WebAt Shared Economy Tax, we recognize the unique challenges that freelancers encounter when managing their taxes. Our seasoned tax professionals specialize in providing …

Category:  Health Go Health

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