Ron Mendes - Tax consultant -USA

Ron Mendes - Tax consultant -USA Consultant in tax - Individual, Business, Estate Tax and other . Preparer taxation and advisor.

04/30/2024

Why did I only get a $500 Child Tax Credit?

It sounds like you may have entered the child as an other dependent rather than a child. Other dependents age 18 or older would qualify for a $500 credit. Make sure the birth date is entered correctly. Go back through the dependent section and make sure you answered all the questions correctly.

04/30/2024

How are LLC automatically taxed by IRS?

Limited liability companies (LLCs) are what's called “pass-through entities.” This means that the business does not pay corporate income taxes. Instead, the individual owners or members of the LLC collect its proceeds as income and then pay personal income taxes

04/30/2024

What is the new IRS rule for LLC 2024?

New Rule Requires Small Businesses and LLCs to Report Ownership Information. Share: As of Jan. 1, 2024, many businesses will be required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to identify those who directly or indirectly own or control the company.

04/26/2024

What expenses can be claimed as tax deductions?
If you itemize, you can deduct these expenses:
Bad debts.
Canceled debt on home.
Capital losses.
Donations to charity.
Gains from sale of your home.
Gambling losses.
Home mortgage interest.
Income, sales, real estate and personal property

04/26/2024

Can I deduct expenses from 1099-NEC?
One of the nice things about receiving a 1099-NEC rather than a W-2 is you can claim business deductions on your Schedule C, which you use to calculate your net profits from self-employment.

Puis-je déduire les dépenses du 1099-NEC ?

L'une des bonnes choses à propos de la réception d'un 1099-NEC plutôt que d'un W-2 est que vous pouvez demander des déductions d'entreprise sur votre annexe C, que vous utilisez pour calculer vos bénéfices nets du travail indépendant.

04/26/2024

Can influencers write off their cars?
If you're using your vehicle to get from place to place for your business, you can write off a portion of your vehicle expenses.

04/26/2024

Do influencers get tax write offs?
These are highly necessary expenses for any business and even more so for people in this industry. Marketing and advertising are very important social media influencer tax deductions. Any expenses incurred for ads and campaigns on Facebook, Google, YouTube, Instagram, etc can be deducted from the total taxable income.

04/26/2024

independent contractor for the companies you promote. Independent contractors are considered self-employed, so you must pay self-employment tax (SE tax) as well as income tax.

IRS news.
04/26/2024

IRS news.

After Congress approved billions of extra funding for tax compliance, the Internal Revenue Service pledged it would get tougher on rich taxpayers and corporations while avoiding extra scrutiny of middle-class households.

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