by Glenn Schanel, CPA | Sep 27, 2018 | Self-Employed, Small Business, Tax Advice
For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby? The IRS draws a firm line between the two and has separate rules for the tax...
by Glenn Schanel, CPA | Sep 5, 2018 | Self-Employed, Tax Advice, Tax Cuts and Job Act
As the gig economy grows and remote work become a bigger part of the US economy, more people are working from a home office. Deducting expenses for a home office can save you on taxes, but there are guidelines on what qualifies. Here’s What You Can...
by Glenn Schanel, CPA | Aug 28, 2018 | IRS, Tax Advice
Most of us have heard stories about innocent people receiving scam calls from someone posing as an IRS agent threatening immediate legal action and arrest if they don’t immediately make a payment. Perhaps even you have received one of these calls. Here’s what you need...
by Glenn Schanel, CPA | Apr 23, 2018 | Self-Employed, Tax Advice, Tax Deductions
If you’re newly self-employed, figuring out what you can deduct from your taxes can be confusing. The good news is that you can deduct the same kinds of expenses as the big companies, which are described in IRS Code Section 162 as “ordinary” and “necessary”...
by Glenn Schanel, CPA | Nov 7, 2017 | S Corporation, Tax Advice
No one likes to pay more in taxes than they have to. The desire to minimize taxes makes S-corporations a great choice for many small businesses. Like all pass-through entities, net income of an S-corp is passed through to the owners to be taxed on their personal tax...
