Understanding Form 1023 is a crucial for non-profits seeking tax-exempt status. It can be tricky to fill out accurately and ontime. When successfully filed and accepted, Form 1023 grants exemption from federal income tax, which is crucial for nonprofit organizations success. This blog simplifies Form 1023, clarifying eligibility and the filing process with step-by-step guidance. […]
The complexity of the Internal Revenue Code can be intimidating, especially when dealing with IRS section 4947(a). This is a crucial provision that governs nonexempt trusts and split-interest trusts. You need to understand its implications for a smooth tax filing experience. In this blog article, we will discuss this complex tax code provision in detail. […]
Pilots and flight crew members tirelessly soar through the skies to ensure our journeys are smooth and enjoyable. Despite being 35,000 feet above the ground, they’re not forgotten by the IRS and Uncle Sam when it comes to paying taxes. Continue reading as we dive into some of the key tax deductions for pilots and […]
Starting a business in NY can be a great decision, but you must be prepared. Not only should aspiring owners follow the steps below, but you’ll also need to grasp the market you’re entering. As wonderful as running a business in New York can be, there are challenges. This includes numerous regulations to deal with, […]
The concept of debt is so ingrained in our culture that most people accept it as a necessary part of life. Many individuals accumulate personal debt, including credit cards, student loans, car payments, and mortgages. Another type of debt that may affect small business owners at one point or another is business debt. Businesses in […]
Reporting taxable income to the Internal Revenue Service (IRS) isn’t always a straightforward process. There are over 800 tax forms, from individual documents to information returns, which can create confusion and questions. This includes the common question: what is the difference between 1040 and 1099 tax forms? IRS Form 1040 and 1099 are pivotal for […]
Is it better to be paid via a 1099 or W-2? Are W-2 and 1099 employees the same? Whether you’re starting out as an independent contractor or a new business owner, understanding the difference between a 1099 and a W-2 is essential. Use this blog as your guide in understanding each form, how they differ, […]
Filing taxes for your business is essential to your responsibilities as a small business owner, but it can be complicated, especially if you’re not prepared. One thing leads to another, and you can fall further and further behind on your taxes. Even if you’re past the due date for your tax return, it’s not too […]
All Lyft and Uber drivers must file their tax returns as independent, self-employed individuals, which means each driver represents themselves as their own small business! This approach can make tax preparation and reporting business income more difficult, but it also gives drivers extra opportunities for tax deductions. If you’re curious about tax deductions for Uber […]
1-800Accountant has recently partnered with New York City’s Small Business Services (SBS) team. The partnership between the virtual accounting firm and the SBS team will provide SBS clients with a free tax clinic along with 30-minute virtual consultations. SBS clients interested in utilizing the services of 1-800Accountant will speak with one of our expert tax […]
