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Erica Seppala

Editor & Senior Staff Writer

5+ Years At Merchant Maverick

Expertise: Accounting, QuickBooks, Payroll, Business Funding, POS

Education: AA Liberal Studies, Limestone University

Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.

Merchant Maverick Archives for Erica Seppala

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Paychex ERTC Service Review

Paychex is most known for its payroll and HR services but also offers tax services, including its award-winning Paychex ERTC Service. Through this service, Paychex helps eligible small business owners retroactively claim the employee retention tax credit (ERTC). More than 76,000 Paychex customers have already claimed ERTC.

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Feb 13, 2024 Filed under: Employee Retention Credit (ERC) Tax Specialists
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
Cost segregation reported on your taxes.

How To Report Cost Segregation On Your Tax Return

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. 

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Jan 25, 2024 Filed under: Cost Segregation

The Top 12 Rental Property Tax Deductions

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.

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Jan 22, 2024 Filed under: Cost Segregation
Calculate your bonus depreciation.

What Is Cost Segregation Bonus Depreciation?

Bonus depreciation is a tax incentive that allows businesses to write off a large percentage of the cost of an asset in the first year it’s placed into service. In 2024, 60% of the cost of qualified property can be written off in the first year it’s placed in service.

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Jan 16, 2024 Filed under: Small Business