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Freelancers and gig economy workers (Uber, DoorDash, Etsy, Upwork. Freelancer tax obligations overview: | Obligation | Details | |-----------|---------| |.
US TaxUnder IRC 280G, when a corporation undergoes a change in ownership or control and makes 'excess parachute payments' to certain officers, shareholders.
US TaxSelf-employed business owners can deduct health insurance premiums as an above-the-line deduction.
US TaxSelf-employed business owners can deduct health, dental, and vision insurance premiums for themselves and their families as an above-the-line deduction on.
US TaxSelf-employed business owners can deduct health insurance premiums as an above-the-line deduction on Form 1040 (not on Schedule C).
US TaxHSAs offer a triple tax benefit: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses.
US TaxHSAs provide a triple tax benefit: tax-deductible contributions ($4,300 individual, $8,550 family in 2025), tax-free growth.
US TaxPaying children for work in a sole proprietorship is exempt from FICA (under age 18) and FUTA (under age 21).
US TaxHiring your child (under 18) in a sole proprietorship or partnership saves FICA (15.3%) and shifts income to the child's 0% bracket.
US TaxHiring family members in a small business can produce significant tax savings when structured properly. Family employment payroll tax exemptions: |.
US TaxHiring the first W-2 employee triggers new tax obligations: payroll taxes, withholding, workers' comp, unemployment insurance.
US TaxHiring your first employee triggers employer tax obligations: Form 941 quarterly, FUTA (Form 940), state unemployment, workers' comp, and W-2 filing.
US TaxHiring a spouse as an employee creates access to employer-sponsored health insurance, doubles retirement plan contributions.
US TaxThe Work Opportunity Tax Credit (IRC 51) provides employers a credit of up to $9,600 per qualified veteran hired and $2,400-$9,000 per hire from other.
US TaxIRC 183 disallows deductions for activities not engaged in for profit. The IRS uses a 9-factor test.
US TaxUnder IRC 183, if a business does not show a profit in 3 of 5 years, the IRS may presume it is a hobby. Hobby expenses cannot offset other income.
US TaxThe hobby loss rule (IRC 183) prevents taxpayers from deducting losses from activities not engaged in for profit.
US TaxIf you report losses 3 or more years out of 5, the IRS may classify your activity as a hobby, disallowing all losses.
US TaxIf a business reports losses for 3 out of 5 consecutive years, the IRS may classify it as a hobby under IRC 183. Hobby expenses are not deductible.
US TaxIRC 183 limits deductions for activities the IRS considers hobbies rather than businesses.
US TaxUnder IRC 183, if a business doesn't show a profit in 3 of 5 consecutive years, the IRS may reclassify it as a hobby. IRC 183 hobby loss rules: The 3-of-5.
US TaxWhen a hobby starts generating consistent income, transitioning to a formal business structure unlocks deductions, retirement plan contributions.
US TaxUnder IRC 183, if the IRS classifies an activity as a hobby rather than a business, losses from the activity cannot be deducted against other income.
US TaxA home office converts otherwise non-deductible personal expenses (mortgage, rent, utilities) into business deductions. Home office deduction methods.