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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.

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.

Filing small business taxes for the first time can be intimidating. But with careful preparation, you can save time, reduce stress, and potentially save money by lowering your tax liability.

When applying for a loan, a potential lender is going to consider both your credit report and credit score, so it’s extremely important that you know your credit report and score beforehand.

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.”

Small business taxes may include federal and state income taxes, payroll taxes, excise taxes, and self-employment taxes. Tax funds are then used by federal, state, and local governments to pay for programs such as Medicare and Medicaid, Social Security, and public schools.

You’ve decided to cash in on accelerated depreciation with cost segregation, but what are your next steps once the study is complete? How you claim this depreciation varies based on whether the study was completed the same year you purchased the property or if you had a look-back study performed later. 

To set up online ordering for your restaurant, you have to create a menu, customize your online ordering site, choose takeout and delivery settings, route orders to POS and kitchen display devices, and connect to delivery services like DoorDash. You can also accept orders through your Google Business Profile and social media.

If you own a rental property (or several), there are several write-offs that you can deduct to lower your tax bill. This includes everything from mortgage interest and homeowner’s insurance premiums to the money you pay toward utilities, repairs, and employee wages.

Square and Loyverse are both great options for new small businesses with very low budgets. When it comes to Loyverse vs Square, the deciding factors come down to whether you plan on expanding your business and what kind of tools you’ll need to run your business.