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Accounting, Bookkeeping, Invoicing Blog Posts

Doing taxes for Venmo as a small business owner.

Venmo Taxes: When To Expect Form 1099-K

If you are required to file a tax return, you must report all income. Even if you didn’t receive a Form 1099-K in the past, you should have reported the taxable income you received through Venmo, PayPal, and other cash app transactions on your tax return. The new rules under the American Rescue Plan simply make sure that this income is reported. For tax year 2024, if you receive over $600 in income through these sources, you will receive a Form 1099-K and a duplicate form will also be sent to the IRS.

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Mar 19, 2024 Filed under: Accounting, Bookkeeping, Invoicing

The Complete Guide To Filing Self-Employment Taxes

If you are self-employed, you are still responsible for paying taxes. However, your taxes won’t be automatically deducted every time a client pays you.
Instead, you will be required to file additional forms with your annual tax return and pay any taxes owed. In some cases, you may be required to estimate your tax liability and pay taxes every quarter.

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Feb 1, 2024 Filed under: Accounting, Bookkeeping, Invoicing

Credit Report VS Credit Score

It’s worth noting one more key difference between credit reports and credit scores. Credit bureaus are legally obligated to give you a free credit report once a year, whereas there is no law requiring them to provide a credit score. This means you’ll have to pay a fee to access your credit score through one of the “big three.”

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Jan 31, 2024 Filed under: Accounting, Bookkeeping, Invoicing, Business Loans

What Is Depreciation?

Depreciation is a method of writing off an expense over a period of years rather than all at once with a typical tax deduction. Depreciation is used for purchases and expenses that are considered long-term assets, meaning their usefulness lasts longer than one year.

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Nov 27, 2023 Filed under: Accounting, Bookkeeping, Invoicing

What Are Tax Credits & How Do They Work?

A tax credit is an amount of money taxpayers can claim to decrease the amount owed on taxes. Tax credits affect the total a taxpayer or business owes at the end of their tax calculations by allowing you to reduce the amount of money owed, or even in some cases, increase the amount received in a tax refund.

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Feb 9, 2024 Filed under: Accounting, Bookkeeping, Invoicing