Little-Known Tax Tips for Small-Business Owners

At tax time, small businesses look for ways to save money and maximize credits and deductions. “One of the most overlooked ways for small businesses to save at tax time starts at the beginning of each tax year,” advises David Ayoub, CPA in Syracuse, N.Y. “It’s simple. Keep every receipt. Find a way to corral all the loose receipts lying around your desk, in your purse and in your car. They can add up to a lot of deductions.” Another easy and often overlooked deduction is the cash transactions that many small businesses do. “Keep track of everything in a log,” adds Ayoub. To find out more, see the full TurboTax article.

The Difference Between a 1099 and a W-2 Tax Form

Both the Form W-2 and Form 1099 serve a similar purpose—to report income you earned from sources throughout the tax year—but each is issued under different circumstances and requires slightly different approaches for tax season planning. See the full TurboTax article for some tips to decode these two forms and what to expect when preparing your taxes.

Common Tax Deductions for Construction Workers

Regardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and materials, and even certain other items that come in handy in your business or on the job. 

If you're an employee for a construction company, rather than an independent contractor, and your employer doesn't reimburse you for expenses on the job, your unreimbursed employee expenses are no longer deductible. Independent contractors generally have no limit on the ability to deduct work related expenses. See the full TurboTax article for details so you can plan ahead.

How the PATH Act Benefits Small Business Owners

Small businesses create jobs and help drive economic growth, and they can improve their bottom line at tax time under the Protecting Americans from Tax Hikes (PATH) Act that was passed in 2015. Recent provisions in the Act extend and protect certain tax benefits for businesses, making long-term planning easier for fledgling companies, entrepreneurial firms, and startups, to name a few. To find out more, see the full TurboTax article.

Tax Tips for Freelance Writers and Self-Published Authors

If you earn money selling your words to websites and other publishers, the Internal Revenue Service will likely say you’re a small business owner. Freelance income is self-employment income, and so are any royalties you receive for that book you published or self-published. That can be a good thing, because the self-employed are privy to some tax perks that employees don’t usually receive. To learn more, see the full TurboTax article.

Work as a Hair Stylist? Tax Tips for Hairdressers

As a hair stylist, you’re probably more focused on giving your clients the perfectly tousled waves than thinking about your tax liability. But a bit of tax savvy can save you some serious dough at tax time—just make sure all your documentation is in line. See the full TurboTax article to learn how to get the most from your business deductions and minimize the taxes you may owe.

Top 4 Red Flags That Trigger an IRS Audit

Certain red flags in a tax return are sure to draw scrutiny by the IRS. Some are easy to sidestep. Others, can't be helped. These include:

To find out more, read the full TurboTax article.

A Tax Filing Factsheet for eBay Sellers 

You can find almost anything for sale on eBay, from a piece of fine art to clippings of Justin Bieber’s hair. So it's no surprise that the IRS doesn't view all sellers alike in the online marketplace. You may not have to pay tax at all if you are essentially hosting an online garage sale, but if you run your eBay account more like a business, you should be reporting your sales to the IRS. To find out more, see the full TurboTax article.

Top Tax Deductions for Massage Therapists

As a massage therapist, you know how to take care of your clients’ well-being—but you might need some help of your own when it comes to tax time. We’ve got your back! To learn about the top tax deductions you may be eligible for, see the full TurboTax article. They just might save some dollars at tax time!

Reporting Self-Employment Business Income and Deductions

Self-employed taxpayers report their business income and expenses on Schedule C. Schedule C can seem daunting, but filing will be easier if you plan ahead and keep good records. In the full TurboTax article, we've broken down the form into sections, so you can see what the IRS expects from you and what records you'll need at tax time.

Tax Topics for Freelancers, Contractors, and Consultants

As a freelancer, independent contractor, or consultant, you have a variety of tax issues to consider—including ways to trim your tax bill. To find out more, see the full TurboTax article.

A Tax Guide for Solopreneurs: Self-Employed Tax Tips

Flying solo can be the ultimate business adventure. When you run your own business and you're the only employee, you truly hold all the cards and earn the freedom to achieve your ideal work-life balance. Working for yourself also brings tax advantages not available to those who work for others. It's important to understand the tax rules that apply to the self-employed to profit the most from these. To find out more, see the full TurboTax article.

How Long Do Federal and State Tax Returns Need to Be Kept?

Dropping a tax check in the mail doesn't mean you can then throw out the paperwork. If the IRS or state government questions your deductions or business losses, you may need a copy of your return—not to mention W-2s and other documentation—to prove your return was accurate. However, there are limits to how far back the government can look. To find out more, see the full TurboTax article.

Selling on Etsy & Your Taxes

Selling your kid's old bicycle is not likely to cause any tax consequences, but when you sell crafts, vintage or specialty items on websites like Etsy, you must report and pay taxes on your net income. You will also likely need to pay self-employment tax on your profits, and in some locations, you may also be responsible for charging and collecting sales tax. To find out more about selling on Etsy, see the full TurboTax article.

A Tax Cheat Sheet for Kindle eBook Self-Publishing

You’ve done it. After months—maybe even years—of dedication and an encounter or two with writer’s block, you’ve finished your eBook. You've heard that self-publishing for Amazon’s Kindle is a breeze, so you go to their website and click “submit.” Within a day or so, your eBook is available for purchase. Just like the self-publishing process, reporting eBook profits to the IRS is just as simple if you know what to do. To find out more, see the full TurboTax article.

What Is a Tax Home?

If you travel for work, you may be able to claim tax deductions for some of the expenses you incur while you're away from home on business. But your "home," in this sense, isn't necessarily where you live. It's where you work—what the IRS refers to as your "tax home." To learn more, see the full TurboTax article.

Can Cellphone Expenses Be Tax Deductible with a Business?

Cellphones have become just as vital to business as a land line, which makes cellphone use a legitimate, deductible business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it’s a deduction that the IRS scrutinizes very carefully to make sure personal electronics use isn’t being claimed as a business expense. To find out more about deducting cellphone use on your tax return, see the full TurboTax article.