Income Tax Preparation Online Service

The income and expenses of a self-employed person, small business owner, freelancer, or independent contractor during the year may not always turn out exactly as planned. You may be having an unexpected banner year and need to increase your quarterly payments, or maybe your business is taking longer to get up to speed than you hoped, and you may not need to pay as much as you thought. Let’s look at how you can adjust your self-employed estimated tax payments to prevent underpaying or overpaying your income tax and self-employment tax during the year. If you estimate your quarterly tax liability very carefully, you may need to pay a slightly different dollar amount each quarter. To make sure you pay the right amount of estimated taxes, the most important thing is keeping up with your bookkeeping every quarter — not just at the end of the year. For instance, if you overpaid in tax the previous year and anticipate making roughly the same amount this year, you might be able to lower yo

  Eligible contractors who build new energy efficient homes or substantially reconstruct existing homes into qualified energy efficient homes may be eligible for a tax credit up to $5,000 per home . The exact amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency and the date when someone buys or leases the home. To claim the credit, contractors have to: Construct or substantially reconstruct and rehabilitate a qualified home. Own the home and have a basis in it during construction. Sell or rent it to a person for use as a residence. For a home to qualify, it must be: A single family home, including manufactured or multifamily homes, as defined under certain Energy Star program requirements. Located in the United States. Purchased or rented for use as a residence. Certified to meet applicable energy saving requirements based on home type before the home is sold or leased to someone for use as a home. For homes acquired throug

                                                                   Taxpayers can claim the Energy Efficient Home Improvement Credit only for improvements, additions or renovations to an existing home. Qualifying costs may include: Exterior doors, windows, skylights and insulation materials. Central air conditioners, water heaters, furnaces, boilers and heat pumps. Biomass stoves and boilers. Home energy audits. The amount of the credit taxpayers can take is a percentage of the total improvement expenses in the year of installation: 2023 through 2032: 30%, up to a maximum of $1,200 annually. Biomass stoves and boilers have a separate annual credit limit of $2,000 annually with no lifetime limit. Call us today 1-310-207-6230

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 There are a few things people should consider when deciding whether their project is a hobby or  business. No single thing is the deciding factor. Taxpayers should review all the factors to make a good  decision. How taxpayers can decide if it's a hobby or business These questions can help taxpayers decide whether they have a hobby or business: Does the time and effort they put into the activity show they intend to make a profit?  Does the activity make a profit in some years, and if so, how much profit does it make?   Can they expect to make a future profit from the appreciation of the assets used in the activity?   Do they depend on income from the activity for their livelihood?   if someone are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions . These payments are taxable income and must be reported on federal tax returns. Schedule an appointment with us : 

  Depreciation for medical office : easy bookkeeping task. Contact Taxeasy and set up an appointment :