The 2018 Tax Act created a new deduction for qualified business income earned by an individual. The basic deduction is 20% of the income earned from the business. This deduction is available whether ...

Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. Business owners, it’s time to talk about one of the most powerful deductions still on ...

With the prevalence of side gigs and freelance work in today’s economy, many people are small-business owners without even realizing it. Working as a freelancer or independent contractor essentially ...

Operating a business on the side can give you valuable tax deductions as well as extra income. However, the Internal Revenue Service (IRS) decides if the business is actually a hobby or not. If the ...

Some passive income ideas start generating income in months. Others may take years.

Unrelated Business Income Tax (UBIT) is a federal tax imposed on the income generated by tax-exempt organizations, including universities, when they engage in revenue-generating activities that are ...