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

COVID 19 RELIEF

March COVID Relief

Saturday morning, the U.S. House of Representatives passed the American Rescue Plan Act of 2021, a $1.9 trillion COVID-19 relief package that includes, along with stimulus payments and unemployment, tens of billions in aid for small businesses and not-for-profits. Now it goes to the Senate. Let’s see what this could mean for small businesses if

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business travel

Making The Most Out Of Your Travel Business Trips

Do you travel for business as a business owner or self-employed professional? We hope you are tracking your expenses!    First, you must be aware of your tax city, this is the primary area where you live and conduct business. If you have to travel outside of this general area for a business purpose, there

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Curious

Gig Work and Taxes

The gig economy is constantly changing and growing. From side hustles to a primary source of income, many people have turned to gig work due to its flexibility, accessibility, and increased demand. Whether you are a ride share driver, personal shopper, pick up freelance work, or tutor online, if you earn income, you must report it.

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Military

Common Misconceptions With Military Taxes

There can often be many misconceptions and misinformation when it comes to the military and taxes. We wanted to cover three frequently asked questions we get and how to handle them when working on your 2020 tax return.    I am in the military, do I have to pay taxes?  Yes, you are required to

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business partnership

Accounting for Your Partnership

Anyone in a successful relationship will tell you the secret is trust, respect, and separate accounts. Okay. Maybe not that last part. However, when your relationship is a business partnership, then tracking each partner’s contributions and distributions separately is necessary for maintaining accurate books. Let’s take a look at some of the different transactions that

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nurses smiling

How to File Your Taxes as a Travel Nurse

If you are a nurse who worked through the pandemic in 2020, first off, we wanted to pass along our thanks and gratitude from the entire IOOGO team. We know this year wasn’t easy but we hope we can make filing taxes a little less daunting. We’ll walk through what you need to know about

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Accounting

how to go about filing your business taxes

Business taxes The IRS will begin accepting electronic tax returns on Friday. If you are self-employed, a gig worker, or a new business owner, you may be wondering exactly how to go about filing your business taxes and your personal taxes. Let’s take a look at some things you need to know. Sole Proprietorship. As a

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parents saving on taxes

How Parents Can Save Money On Taxes

How Parents Can Save Money On Taxes    Parents, did you know there are several tax credits, deductions and adjustments that you should be aware of? Whether you are a first-time parent or you’re looking to brush up on your tax knowledge, this one’s for you.    Claiming Your Child As A Dependent  Most of

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Blog

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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Blog

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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ioogo tax donations

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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Blog

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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Blog

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

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Blog

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 up 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

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Blog

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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Blog

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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Blog

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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Blog

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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Blog

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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Blog

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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Blog

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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Blog

3 Tips to Avoid Tax Surprises at the End of the Year

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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Blog

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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