1-800Accountant Blog


Uber and Lyft: Best Tax Deductions for Rideshare Drivers

Each Lyft and Uber driver has to file their own tax return as an independent, self-employed individual. Some recent California laws have mandated that rideshare companies employ drivers directly. However, until other states do so as well, individual rideshare drivers are independent contractors.  That means each Uber driver essentially represents their own small business. This […]


Real Estate: How Rental Income is Taxed

Rental income is one of the most important parts of real estate. What many landlords may not realize is that there are several ways to make rental income beyond just collecting rent checks. Rental income comprises more than just direct income from tenants. Here’s what you should know about the different types of rental income […]


What to Know About Small Business Taxes in Florida

Florida is one of the most business-friendly states in the country. While its economy and industries attract small businesses, it is also a tax-friendly state for small businesses. If you are looking to start a small business in Florida, you’ll want to know about taxes. Here’s what you should know about small business taxes in […]


Understanding President-Elect Biden’s Tax Plan

Joe Biden’s tax plan will inevitably go through some changes in its path through the legislative process until it actually takes effect. Still, we can get a sense of Biden’s priorities by imagining what the tax plan would look like according to the tax policy proposals the Biden-Harris campaign has released.   Biden’s tax plan affects […]


Form 1023: The Key to Becoming a Tax-Exempt Organization

If your non-profit organization has yet to request tax-exempt status, you’ll need to learn more about Form 1023 (also known as the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code.) When successfully filed and accepted, Form 1023 grants exemption from federal income tax, crucial for nonprofit organizations.  What Is Form […]


Taxpayer’s Guide for Completing Form 1040

From sole proprietors to nine-to-fivers, most taxpayers have to tackle Form 1040 when tax season strikes. If you embody a do-it-yourself spirit, follow along with this step-by-step guide. However, you can always get a hold of us and we’ll be more than happy to conquer your taxes. Step 1 – Determine Which Form You Need to Fill […]


Your Guide to Filling Out Form 720

What is Form 720? Form 720 is a quarterly federal excise tax return required of businesses that deal with the sale of certain goods (like alcohol or gasoline) and services (for instance, tanning salons). These businesses must pay extra taxes, known as excise taxes, and they are accounted for through Form 720.Who Needs to File Form 720? […]


Your Guide to Form 1120S

Keeping track of all of your tax obligations and paperwork as a business can be a challenge. The stakes are high, and the IRS doesn’t make its instructions easy to understand. Hiring an accountant can make the process easier, but it’s still helpful to understand how the process works and what you need to do. […]


How To File for Tax Exemption Under Section 501(a)

The Internal Revenue Code of the United States provides for certain organizations to enjoy exemption from federal income tax. While charitable 501(c)(3) organizations are most commonly known for receiving tax exemptions, many other organizations can also file for exemption under section 501(a) of the tax code. According to section 501(a), “an organization described in subsection […]


What Does It Mean to Have a 509(a) Status?

Organizations that are classified as 501(c)(3) tax-exempt status are further classified by the government as one of five types under section 509(a) of the Internal Revenue Code. These categories include private foundations and four different types of public charities. According to the IRC, any organization that does not classify as a public charity is designated […]