Starting a business can be an exciting and rewarding venture, but it also comes with several legal and financial responsibilities. Among the most important of these is ensuring that your business is classified correctly for tax purposes. Many entrepreneurs and small business owners may wonder, what happens if your business is deemed a hobby? If … Read more
For many self-employed individuals, managing tax deductions is one of the trickier aspects of running a business. One common question that arises is, can you deduct solo meals for self-employed individuals? The short answer is that, under certain circumstances, you may be able to deduct the cost of meals while working for your business. However, … Read more
As streaming platforms like Twitch, YouTube, and Facebook Gaming continue to grow in popularity, more and more individuals are becoming professional streamers, earning income from subscriptions, donations, advertisements, and sponsorships. However, a common question many new streamers ask is, do streamers pay taxes on their earnings? The answer is yes. Streamers, like any other content … Read more
If you’re a graphic designer, whether freelancing or running your own business, understanding graphic designer tax deductions can save you a significant amount of money. The creative industry is full of unique expenses that can qualify as deductions, from design software subscriptions to home office costs. Knowing what you can deduct—and how to document those … Read more
If you’re earning money as a babysitter, you may be wondering, “How do I report babysitting income?” The IRS considers babysitting income taxable, even if you’re earning cash or working informally. As a self-employed individual, you’re responsible for reporting all your earnings, keeping accurate records, and paying both income and self-employment taxes. Whether you babysit … Read more
If you’re a college student wondering, “Can I write off online study aids for college?” the answer depends on several factors, including how you file your taxes and whether your study aids are considered a qualified educational expense. Tax laws provide some relief for students through deductions and credits designed to ease the financial burden … Read more
As an Amazon Flex driver, understanding tax write-offs for Amazon Flex is essential for keeping more of your hard-earned money in your pocket. Being an independent contractor means you’re responsible for your taxes, but it also opens the door to a variety of deductions that can significantly reduce your taxable income. From mileage and vehicle … Read more
Selling on Poshmark has become a popular way for individuals to turn their unwanted clothes into extra income, but many sellers don’t realize that the IRS taxation for selling on Poshmark is a critical aspect of running a successful business. Whether you’re a casual seller or someone who is using the platform to generate substantial … Read more
Did you know that the cost of laundry for tax purposes can sometimes be claimed as a deduction, reducing your taxable income? While the rules are specific, those who incur laundry expenses for uniforms, costumes, or professional attire may be eligible for tax benefits. This guide will walk you through the criteria for deducting laundry … Read more
For YouTubers, the creative process often goes beyond the confines of a studio, leading to unique travel opportunities to create engaging content. But can YouTubers write off travel expenses as part of their tax deductions? The answer is yes—but with specific criteria and documentation requirements. Whether you’re traveling to shoot a vlog in an exotic … Read more