[Event] Ask the Experts: Tax Breaks For Your Side Gig

Join us on Wednesday, June 25th any time between 9:00 am and 5:00 pm Pacific Time for our latest installment of our Ask the Experts event series. A side gig is a real business and you get to treat it as such - tax breaks and all! We’ll be here to ans... read more

1099 and LLC

I have been umpiring youth sports since January of this year. I will receive multiple 1099s from the schools that I have officiated at. Our family has just formed a LLC in Arkansas for the purpose of sports officiating training, certification and man... read more

Tax Return reporting a Box F entry on Schedule D.

Can I use my own money from my personal account and withdrawal cash to pay for a piece of equipment and still deduct that expense for the llc even though I used my own money?

If a piece of equipment, vehicle, side by side, or implement is being used for my llc, can I write off it's purchase or payments?

I have a single member LLC for my side hustle. I personally own the truck and equipment. Can my LLC pay lease/rent payments to me personally for renting the equipment used for those jobs? If so, is there a specific amount i can charge?

I have a W2 income job as a mechanic and a single member LLC for my side hustle. Can I deduct the equipment and tools that I purchase for my w2 job as they are also being used to repair the LLC equipment.

Deduction for home office

I have two sole proprietorship businesses, completely unrelated. I use my office extensively for both of them. How strictly do I have to "separate" them from my personal work when it comes to "dividing" the office space?

Annual Bonus

My husband will be receiving a bonus in December 2025. 1. What do we need to prepare for? 2. How do bonuses affect our tax bracket and overall liability? 3. Can or should his employer withhold more taxes on bonuses to avoid underpayment penalties? 4.... read more

Filing married but separate to lower student loan payment

My daughter has a significant amount of student loan debt (approx. $100k) She and her husband have been filing jointly on their taxes but recently were told that if they file married but separate, it could reduce her student loan payment. She also qu... read more

Continued future losses as a solo practitioner

I am a licensed attorney and have worked for 40 years as a lawyer in private practice on my own as a solo practitioner. I just turned 67 years old, have a medical issue and stopped taking new cases January 2023. I did not generate income as a lawyer ... read more

Questions about a Side Gig (1099 Income)

Hello, I have a W-2 full-time job but also earn side income through teaching aquatics training courses for various city pools. With this side gig I have to fill out 1099s. I have a few questions because of this: 1. Do I need to pay quarterly estimate... read more

Mileage Log

Can you explain what is an reasonably acceptable mileage log for a rideshare/delivery driver? The requirements I am seeing makes it sound like every stop needs to be recorded, and that just seems excessive/unreasonable for this industry. It would be ... read more

Employment for Minor

Hello! I have a newly formed LLC. My wife also has an LLC for her book publishing. We have a Roth IRA for my (now 4 yr old) daughter. We would like to employ her in both of our businesses and pay her, so she can contribute to the Roth IRA. Can you pl... read more

Employee benefits

What employee benefits are deductible and/or pre-tax benefit accounts are allowed if you are an owner / employee (spouses) of an S-Corp with no other employees and provides HMO healthcare coverage? e.g. 1. Healthcare plan cost is deductible? Any othe... read more