by PSA CPA | Mar 1, 2024 |
What is the qualified business income deduction? The Qualified business income deduction (QBI) allows self-employed and small-company owners to deduct up to 20% of their qualified business income from their taxes. In general, to qualify, total taxable income in 2023...
by PSA CPA | Mar 1, 2024 |
Sole proprietorship taxes differ from other business entities, such as corporations, in that the business is not taxed separately from the owner. Instead, you record and pay your single proprietorship taxes on your personal tax return. To explain, the IRS refers to...
by PSA CPA | Feb 1, 2024 |
If you and your significant other live together but are not married, you most likely share numerous expenditures, and one of you may even financially support the other. In such a case, you may question if you may list your girlfriend or boyfriend as a dependent on...
by PSA CPA | Feb 1, 2024 |
How to treat the home office deduction Many people who work for themselves do so from home. If that describes you, you are probably familiar with the home office deduction. If you have a home office that you utilize on a regular basis and only for business purposes,...
by PSA CPA | Jan 1, 2024 |
As taxpayers prepare for tax filing season, it is critical that they choose tax return preparers that have the necessary skills, education, and knowledge to file tax forms correctly. Taxpayers are ultimately accountable for all the information on their tax returns,...
by PSA CPA | Nov 1, 2023 |
A tax rate is the percentage (0-100%) of your income that is taxed. Taxes are amounts deducted from money that you own or earn. Income tax is the most common application of a tax rate. To demonstrate this notion, consider someone who recently received $50 for a...
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