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.
Did you lose your job in 2020 and make under $150K? President Joe Biden signed the $1.9 trillion American Rescue Plan Act on 3/11 which allows qualifying individuals a tax waiver up to $10,200. We talk about tax credits and deductions on the IOOGO blog a lot but tax waiver might be a new term
If you’ve never heard of the ERC, in short, the Employee Retention Credit (ERC) is an incentive for small businesses to retain employees through COVID-19 restrictions and shutdowns. This credit provides eligible employers a refund on their payroll expenses, such as Medicare and SS taxes, and can be as much as $14,000 per employee. Here’s
When it comes to filing your taxes and keeping up with the books for your business, we know you have a lot of options. There are a few key things we think are important when choosing the right service for your needs. These include ease-of-use, cost, and expertise. Keep reading for five reasons you should
With tax season in full swing, we want to revisit a very helpful credit contained in the Families First Coronavirus Response Act (FFCRA). If you are a small business owner, sole proprietor, or freelancer, you are not typically eligible for any type of sick leave, but the FFCRA changes that, at least as it relates
Filing your taxes as a student is a big adult move! We see you! We’re here to share some practical tips to make filing your taxes as a college student a little easier. Do You Need To File? First and foremost, let’s figure out if you need to file taxes. If you have earned
If you have considered applying for the PPP Loan, it’s time to turn thought into action. The Paycheck Protection Program expires on March 31st. Even if you did not previously qualify, due to recent expansions, you may qualify now. Here are some things you should know about PPP Loans. What to expect from the PPP
Today, the U.S. House of Representatives has passed the American Rescue Plan Act of 2021, the 3rd round of COVID relief. President Biden is expected to sign the bill by the end of the week. There were some key changes to the original bill, specifically related to stimulus payments and jobless benefits. See how they
If your business is an S-corporation or a partnership, the deadline to submit your business tax return is Monday, March 15th. If you live or have business in Texas or Oklahoma, then the recent winter storm has bought you some time. Following the disaster declaration issued by FEMA, the IRS has extended tax deadlines until
What you need to know about being self-employed If you’re reading this, we’re assuming you are either considering quitting your job and going self-employed or you just made the big jump! This is an exciting time because it means you’re your own boss and you have much more control over your schedule. We want
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
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
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.
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
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
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
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
Are you a teacher getting ready to file 2020 taxes? The average teacher spends nearly $500 of their personal money each year on classroom supplies, which means you are likely eligible for the educator expenses tax deduction. First off, we want to explain that this is not a true deduction, but an income adjustment.
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
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.
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
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
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
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
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