Let's Talk About You and Me... .... And All the Good Things That Can Be!
Happy 2022 friends! Let's talk about tax :) If you don't already know about Blue Fox tax services, you might not be alone. We spend a lot of time talking about and touting the work done by our nonprofit and social enterprise accounting clients and less time on taxes. But, tis the season to talk tax, right?!
Our tax team is ready and waiting to assist you with personalized support and preparation of your 2021 return. Here's what it costs, and bonus, that includes 1 hour of free tax planning each year! This is especially important for self-employed individuals to optimize their tax situation and lower their tax burden in the long run. Automated computer software can't do that! Yes, we are actual humans who do taxes!
Have you always done your own taxes? How do you know when you need help? We answer that question in detail in our latest blog article:
Our team created this handy Schedule C Worksheet for your profit and loss record-keeping pleasure. We highly recommend using it before you attempt the official Schedule C IRS form 1040. It also comes in handy to provide your tax preparer, and we hope that's us!
Time to Incorporate Your Side Hustle? Let's Crunch the Numbers!
If you wonder about incorporating your side hustle, it's probably a good time to analyze your tax position. We can help you compare the costs of incorporation against the tax savings you might realize. Let's figure out if you're leaving money on the table. Schedule a chat today!
IRS Issues Standard Mileage Rates for 2022
Beginning on January 1, 2022, the standard mileage rates for the use of a vehicle will be:
58.5 cents per mile driven for business use
18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces
14 cents per mile driven in service of charitable organizations
