self-employed

5 Tax Considerations for Self-Employed Individuals

2023-05-11T14:59:50-04:00July 22nd, 2022|Blog, Financial Planning, Taxes|

5 Tax Considerations for Self-Employed Individuals By: Stacey Nickens Deciding to become your own boss can be incredibly meaningful and freeing. As a self-employed person, you have much more control over your day-to-day schedule, your business structure, and so much more. At the same time, costs that were previously covered by an employer now [...]

9″Above-the-Line” Deductions for Your 2021 Return

2023-05-11T15:14:54-04:00February 4th, 2022|Blog, Taxes|

9"Above-the-Line" Deductions for Your 2021 Return By: Stacey Nickens Taxpayers often ask me about deducting mortgage interest payments or medical expenses. However, many taxpayers do not claim these popular deductions because it is more beneficial for them to take the standard deduction. On 2021 returns, the standard deduction is $12,550 for single filers and [...]

4 Above-the-Line Deductions for Taxpayers Who Don’t Itemize

2023-05-11T15:35:01-04:00March 8th, 2021|Blog, Taxes|

4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction [...]

Can you claim the home office deduction on your 2020 tax return?

2023-05-11T15:37:43-04:00February 12th, 2021|Blog, Taxes|

Can you claim the home office deduction on your 2020 tax return? By: Stacey Nickens Due to the pandemic, many of us spent most or all of the year working from home. There are certainly benefits from using your home as an office. You can wear comfy clothes to work. You don't have to [...]