the ioogo blog

Finding the right solutions for your business is always difficult, especially if just starting. The ioogo blog is the best resource for learning from people that have been there and want to help. Find detailed information about tax filing, tax preparation, and business resources.

recent posts

What is the Earned Income Credit and how much can you get back?

The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. The credit reduces the amount of tax you owe and may give you a refund. To qualify, you must meet the following criteria: 1. You, your spouse (if applicable), and all listed qualifying children must have social security numbers;2.

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what business expenses can I deduct from my taxes?

Business tax deductions can have a significant impact on the amount of taxes you owe but there are a few compliance rules you must follow. According to the IRS, expenses must be “ordinary and necessary” for your trade. Luckily, the IRS considers many expense categories ordinary and necessary, let’s break them down.    What types

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how much do charitable donations really matter for taxes?

Should you claim charitable donations on your tax return? The answer is maybe! This blog helps you decide whether filing deductions is worth it based on what types of donations you make, who you make donations to, and more.    Are filing deductions worth it?  First and foremost, if you’re deciding whether or not to

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Children = Bigger Refunds in 2020

The implementation of the Tax Cuts and Jobs Act bill introduced changes to the Child Tax Credit in 2019. Those changes include the following: 1. The amount of the Child Tax Credit increased from $1,000 to $2,000 per qualifying child. The refundable part of the Child Tax Credit (known as the Additional Child Tax Credit) increased from $1,000 to

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What Students Should Know About the Tax Cuts and Jobs Act Law

Good news students… the implementation of the Tax Cuts and Jobs Act Law did not change the student credits. You may know this as the American Opportunity Credit, the Lifetime Learning Credit and the Student Loan Interest Deduction. Not so good news… the Tuition and Fees Adjustment was completely removed. Before the law changed, you were allowed to adjust your

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Filers Who Itemize: New Limitation to Taxes You Can Claim

The Tax Cuts and Jobs Act Law limits the amount of state and local taxes (SALT). You can claim to $10,000 per year (or $5,000 if married filing separately) if itemizing your deductions on your 2018 return. Previously, there was not a dollar limitation on the amount of state and local taxes you could claim. Other than the general

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Are you still on the hook to have health insurance?

With the implementation of the Tax Cuts and Jobs Act bill, there were some important changes to Affordable Care Act. What you may refer to as ObamaCare. The biggest misconception of the new tax law is that the mandate to have health insurance was eliminated effective 2018. This is both right and wrong. According to the IRS, ObamaCare continues

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Top 2019 Tax Changes You Should Know About

The Trump Tax Cuts went into effect in 2018, and the world did not end. The Tax Cuts and Jobs Act Bill, as it is formally known, is the most significant change to our tax code in the last few decades. It put more money in the pockets of everyday people, and also in the bank accounts

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Know This Before Applying for a Refund Anticipation Loan

The IRS is accepting tax returns starting today, January 27, 2020. It’s understandable that taxpayers who expect a refund want their money fast. That’s why a refund anticipation loan (RAL) seems like a desirable option. When you want to get your refund as quickly as possible. A RAL is a loan offered by some tax preparers to taxpayers who

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Self-Employed: Are you claiming all of your expenses?

If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the

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Consider This Before You Starting a Business

Starting a business is the biggest roller coaster you will ever ride. There are more downs than ups, and the ups never last long. In the show Mad Men, Bert Cooper tells Don Draper when they re-launch their ad agency, “You’re going to need a stronger stomach if you’re going to be in the back kitchen seeing how

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How Your Business Structure Affects Your Taxes

There are many decisions you need to make when starting a business. One such decision is deciding the business structure for your business. To select the right structure, you must understand what it is and how it can benefit your business. A business structure is a legal category that defines how you and your business

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The One Thing You Should Do to Boost Your Business

Technology has brought us conveniences Remember when a public phone was the way to make a phone call outside of your home or office? Now you text, call, video chat from anywhere with your smartphone. How about when you went to Blockbuster to rent a movie? Options like Netflix, Hulu, Apple TV, etc. allow us

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Working for yourself can make taxes even more complicated

Are you putting enough money aside to pay taxes for your side gig or small business at the end of the year? If you are starting a business, you might not be thinking about taxes due at the end of the year. Postponing tax planning is a common mistake entrepreneurs and growing companies make. Taxes are there at every

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Money Tips for Real Estate Agents

The real estate profession is a desirable sought-after career. It provides flexibility to create your own schedule, has unlimited income potential, and you get to help make dreams come true. But like any freelancer career, you have to track your income and expenses. The good news is that most independent contractor real estate agents don’t have to

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Top 5 tax changes affecting small businesses

There are some changes to the tax law that will affect your 2019 business return. We have identified the top five changes that you need to be aware of for your business. Being a small business owner, entrepreneur, or freelancer has its benefits. You own your time, and you love what you do. You can also take advantage of

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Top Five Reasons You Overpay Taxes Every Year

We all grew up thinking that taxes are complicated and that an expert was needed to calculate them. Or we thought that by merely making a mistake, the IRS would take everything we had and throw us in jail. Refusing to pay taxes can still land you in the slammer. You could also end up

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In Texas, SaaS and cloud computing are taxable

In some ways, Texas comptroller statutes are crystal clear about which goods or services require the collection of sales and use tax. However, when it comes to SaaS, cloud computing, and electronically downloaded software, the rules become more complex. When do you need to collect sales tax on these types of transactions? Here’s what you need to

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Going into Business (Start-up Cost)

As we begin to close out the year, a common question I get from first-time business owners is, “How will I deduct my start-up business cost?” Before we go into the explanation of how to report expenses, let’s first understand what the IRS calls “start-up cost.”  The expenses you incur during the planning stages of your business and

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Business Owners | Recordkeeping

f I had a nickel for each time I heard business owners and taxpayers say “taxes are so complicated” or “filing my taxes just takes too long,”. I would not be writing this article.  I know, I know. Our parent’s accountants always told us that bookkeeping and accounting are way too complicated. And only they

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Understanding PPP Loan Forgiveness and Its Extension

The Paycheck Protection Program (PPP) has incentivized businesses to keep employees on their payrolls, thus making a substantial, positive impact on the economy throughout the downturn that the coronavirus pandemic has initiated. This is a groundbreaking program, and for entrepreneurs everywhere, it has represented an incomparable lifeline, enabling them to hold on to a sense

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What You Should Know Before Paying For Your Next Tax Return

Why are taxes so complicated? They aren’t, but TurboTax, H&R Block, and the rest of the tax preparation industry want you to believe that they are. With the right tools, 90 percent of tax filers can complete their tax return in 10 minutes or less. Yet, the big tax preparation companies want you to think taxes are

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