Cannabis Tax Reporting
Did you know that income that derives from illegal activity is still taxable and required to be reported? If you are a car thief, I feel safe in assuming that you are not all that concerned about the trouble you will be in for not reporting any profits received from lifting cars. But what if […]
Understanding Your Tax Deduction After the IRS Boosts Mileage Rates in 2022
Keep this in mind when calculating your tax deduction once the IRS raises mileage rates; the IRS made an increase in the optional standard mileage rate for the final six months of 2022 for business travel, deductible medical expenses, and moving expenses for active duty. These bumps are reflective of the spike in gas prices. […]
Tax Considerations for Crypto Investors
Yes, Your Crypto Is Taxable 2021 was a big year for crypto, with many new investors buying in for the first time. More than half of current Bitcoin investors began investing in the last 12 months, according to recent studies. The digital asset market sailed past $2 trillion, with bitcoin peaking at nearly $69,000 in […]
What Should a Business Owner Know About the Depreciation of Property Deductions!
Dear reader, Tax Season 2022 is here! Through the Depreciation deduction, your business can save BIG TIME! What is the Depreciation Deduction? It’s an annual tax deduction that allows your business to recover the cost of a property over the time that the property serves your business’ needs. Quick example:Your business bought a delivery truck […]
Deduct your Startup costs from your federal taxes!
Dear reader, when did you start your business? Did you take advantage of the deductions of “startup costs”? Whenever creating a Startup, you should treat all eligible expenses incurred before the operation of your business as Capital Expenditure. Generally, you can recover costs through depreciation deductions. Not only for this-year startups! These deductions not only […]
Budgeting for Social Media Ads
Dear reader, the retail season is coming! Are you thinking about creating some ads to promote your business on Facebook, Google, or other social media platforms like Pinterest? Great! Let’s talk about a budgeting scenario to ensure those Ads are fruitful! Our Scenario: Teddy Co. Congrats! You’re now the CEO of Super Bear Co., selling […]
What to do After Tax Season
The 2020 tax season ended. Now you get to sit back and not think about taxes for a whole year! Oh, sorry. Not you. You are a small business owner, and tax planning is a year-long exercise. The after-tax season is a great time to evaluate the previous year and incorporate tax planning into your […]
What you need to know about the 2021 Child Tax Credit
If you claimed a dependent child in 2020, you can probably not only expect a higher child tax credit for 2021, but you may also start getting advanced monthly payments beginning in July of this year. Here’s what you should know: The credit has been increased to $3,000 per child ages 6 to 17 and […]
How to Take Control of Your Personal Finances
It’s easy to feel lost when it relates to your finances. Over 58% of Americans don’t even have $1,000 in their savings account in case of an emergency. If you feel like you’re getting into debt, losing your financial freedom, or experiencing any other type of economic issue, it may be time to take control […]
IRS Unemployment Adjustments are Underway
If you are one of the over 10 million taxpayers who reported unemployment income before the $10,200 tax exemption was enacted, then we have good news! The IRS announced Friday, May 14, that corrections are being made and refunds are currently being issued. Here is what you should know: Corrections are being made automatically in […]
Tax Credit for Vaccine PTO
On Friday, April 23rd, 2021 the IRS and Treasury Department announced additional details relating to the credit for paid sick leave provided to employees due to COVID-19. In an effort to assist the nation recover from the pandemic, it has now been confirmed that small businesses (fewer than 500 employees) can claim this credit if […]
Business Taxes Due Date: May 17th, 2021
The tax extension of May 17, 2021 is quickly approaching. If your business is a C-corporation or you are self-employed reporting your business on your personal return, the deadline to submit your business tax return is just 1 week away. What is due on May 17th? Individual and corporate tax returns must be filed on […]
Self-Employed Sick Leave
Being self-employed can reap flexibility, but it can also have its drawbacks, like not having built-in sick days or short-term disability. Legislators were able to gain approval on offering sick leave credit for self-employed individuals who had to take time-off related to the pandemic. Under the Families First Coronavirus Response Act, up to 60 days […]
5 Tips To Be Prepared for Tax Day
The tax deadline may have been extended to May 17, but it will be here before you know it. If you haven’t filed and paid your taxes yet, this is your reminder to get organized! With employer forms, deductions, changing tax credits and potential changes in employment that the previous year brought, it’s important to […]
Everything You Need To Know About Crypto Tax
Investing in cryptocurrency is a huge financial trend that took off even more during the pandemic. We’re even seeing younger individuals invest in crypto as it gains popularity. If you’re trading and making revenue in this market, don’t forget about the potential financial ramifications it can have, like owing taxes. You’ll want to ensure you’re […]
What you need to know about the new unemployment tax waiver
Did you lose your job in 2020 and make under $150K? President Joe Biden signed the $1.9 trillion American Rescue Plan Act on 3/11 which allows qualifying individuals a tax waiver up to $10,200. We talk about tax credits and deductions on the IOOGO blog a lot but tax waiver might be a new term […]
5 Reasons To Choose IOOGO Tax
When it comes to filing your taxes and keeping up with the books for your business, we know you have a lot of options. There are a few key things we think are important when choosing the right service for your needs. These include ease-of-use, cost, and expertise. Keep reading for five reasons you should […]
Tips and tricks for college students
Filing your taxes as a student is a big adult move! We see you! We’re here to share some practical tips to make filing your taxes as a college student a little easier. Do You Need To File? First and foremost, let’s figure out if you need to file taxes. If you have earned […]
What can you expect from the new Covid bill
Today, the U.S. House of Representatives has passed the American Rescue Plan Act of 2021, the 3rd round of COVID relief. President Biden is expected to sign the bill by the end of the week. There were some key changes to the original bill, specifically related to stimulus payments and jobless benefits. See how they […]
Moving from employee to self-employed
What you need to know about being self-employed If you’re reading this, we’re assuming you are either considering quitting your job and going self-employed or you just made the big jump! This is an exciting time because it means you’re your own boss and you have much more control over your schedule. We want […]
Making The Most Out Of Your Travel Business Trips
Do you travel for business as a business owner or self-employed professional? We hope you are tracking your expenses! First, you must be aware of your tax city, this is the primary area where you live and conduct business. If you have to travel outside of this general area for a business purpose, there […]
Common Misconceptions With Military Taxes
There can often be many misconceptions and misinformation when it comes to the military and taxes. We wanted to cover three frequently asked questions we get and how to handle them when working on your 2020 tax return. I am in the military, do I have to pay taxes? Yes, you are required to […]
How to File Your Taxes as a Travel Nurse
If you are a nurse who worked through the pandemic in 2020, first off, we wanted to pass along our thanks and gratitude from the entire IOOGO team. We know this year wasn’t easy but we hope we can make filing taxes a little less daunting. We’ll walk through what you need to know about […]
Teacher Taxes: How Does The Educator Expense Tax Deduction Work?
Are you a teacher getting ready to file 2020 taxes? The average teacher spends nearly $500 of their personal money each year on classroom supplies, which means you are likely eligible for the educator expenses tax deduction. First off, we want to explain that this is not a true deduction, but an income adjustment. […]
How Parents Can Save Money On Taxes
How Parents Can Save Money On Taxes Parents, did you know there are several tax credits, deductions and adjustments that you should be aware of? Whether you are a first-time parent or you’re looking to brush up on your tax knowledge, this one’s for you. Claiming Your Child As A Dependent Most of […]
What is the Earned Income Credit and how much can you get back?
The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. The credit reduces the amount of tax you owe and may give you a refund. To qualify, you must meet the following criteria: 1. You, your spouse (if applicable), and all listed qualifying children must have social security numbers;2. […]
How much do charitable donations really matter for taxes?
Should you claim charitable donations on your tax return? The answer is maybe! This blog helps you decide whether filing deductions is worth it based on what types of donations you make, who you make donations to, and more. Are filing deductions worth it? First and foremost, if you’re deciding whether or not to […]
Children = Bigger Refunds in 2020
The implementation of the Tax Cuts and Jobs Act bill introduced changes to the Child Tax Credit in 2019. Those changes include the following: 1. The amount of the Child Tax Credit increased from $1,000 to $2,000 per qualifying child. The refundable part of the Child Tax Credit (known as the Additional Child Tax Credit) increased from $1,000 to […]
What Students Should Know About the Tax Cuts and Jobs Act Law
Good news students… the implementation of the Tax Cuts and Jobs Act Law did not change the student credits. You may know this as the American Opportunity Credit, the Lifetime Learning Credit and the Student Loan Interest Deduction. Not so good news… the Tuition and Fees Adjustment was completely removed. Before the law changed, you were allowed to adjust […]
Filers Who Itemize: New Limitation to Taxes You Can Claim
The Tax Cuts and Jobs Act Law limits the amount of state and local taxes (SALT). You can claim up to $10,000 per year (or $5,000 if married filing separately) if itemizing your deductions on your 2018 return. Previously, there was not a dollar limitation on the amount of state and local taxes you could […]
Are you still on the hook to have health insurance?
With the implementation of the Tax Cuts and Jobs Act bill, there were some important changes to Affordable Care Act. What you may refer to as ObamaCare. The biggest misconception of the new tax law is that the mandate to have health insurance was eliminated effective 2018. This is both right and wrong. According to the IRS, ObamaCare continues […]
Top 2019 Tax Changes You Should Know About
The Trump Tax Cuts went into effect in 2018, and the world did not end. The Tax Cuts and Jobs Act Bill, as it is formally known, is the most significant change to our tax code in the last few decades. It put more money in the pockets of everyday people, and also in the bank accounts […]
Know This Before Applying for a Refund Anticipation Loan
The IRS is accepting tax returns starting today, January 27, 2020. It’s understandable that taxpayers who expect a refund want their money fast. That’s why a refund anticipation loan (RAL) seems like a desirable option. When you want to get your refund as quickly as possible. A RAL is a loan offered by some tax preparers to taxpayers who […]
Self-Employed: Are you claiming all of your expenses?
If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the […]
In Texas, SaaS and cloud computing are taxable
In some ways, Texas comptroller statutes are crystal clear about which goods or services require the collection of sales and use tax. However, when it comes to SaaS, cloud computing, and electronically downloaded software, the rules become more complex. When do you need to collect sales tax on these types of transactions? Here’s what you need to […]
Going into Business (Start-up Cost)
As we begin to close out the year, a common question I get from first-time business owners is, “How will I deduct my start-up business cost?” Before we go into the explanation of how to report expenses, let’s first understand what the IRS calls “start-up cost.” The expenses you incur during the planning stages of your business and […]
Are you deducting the business use of your home on your tax return?
Do you use your home for your business? Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hairstylist, graphic designer, massage therapist, virtual […]
7 Things You Need to Know About the R&D Credit for Your Startup
Tax time is here! As a taxpayer, both for your personal finances and for your business, you probably want to take advantage of every credit and incentive possible. There are lots of incentives for larger firms that are well-known, so as a smaller startup, you may think that you’re not eligible for much. But there’s […]
What You Should Know Before Paying For Your Next Tax Return
Why are taxes so complicated? They aren’t, but TurboTax, H&R Block, and the rest of the tax preparation industry want you to believe that they are. With the right tools, 90 percent of tax filers can complete their tax return in 10 minutes or less. Yet, the big tax preparation companies want you to think taxes are […]
