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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

Woman Models Money From Savings On Tax Filing

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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2019 Wood Blocks Model Tiny House

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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100 Dollar Bill With Covid 19 Mask

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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Running Wallet Afraid Losing Money

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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Business Man Hand Close Up Preparing Tax Filing

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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Girl Shows Off Ecommerce Business Model Whiteboard

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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Bearded Man Filing Taxes

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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Man Does Tax Documentation At Home With Ioogo

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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Using Iphone For Tax Info

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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Stone Weight Tax Crushes Man

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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Tax Agent Helps Couple With Tax Filing

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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Floral Desk Apple Laptop Buisness Evolved

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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Man Suprised By Tax Return

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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Using Iphone 12 For Ecommerce Tax Filing Ioogo

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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Staff Meeting Going Over Sticky Notes Presentation

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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Tax Documentation

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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Ppp Loan Forgiveness

Understanding PPP Loan Forgiveness and Its Extension

The Paycheck Protection Program  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

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Pay For Tax Return

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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Man Does Tax Documentation At Home With Ioogo

Cómo la estructura de su negocio afecta sus impuestos

Hay muchas decisiones que debe tomar al iniciar un negocio. Una de esas decisiones es decidir la estructura legal para su negocio. Para seleccionar la estructura correcta, debe comprender qué es y cómo puede beneficiar a su empresa. Una estructura empresarial es una categoría legal que define cómo usted y su empresa pagan impuestos. Los

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Beautiful Spanish Woman Model Laptop Work

Principales cambios impositivos de 2020 que debe conocer

Los recortes de impuestos de Trump entraron en vigencia en el 2018, y el mundo no terminó. El Proyecto de Ley de Reducción de Impuestos y Empleos, como se conoce formalmente, es el cambio más significativo a nuestro código tributario en las últimas décadas. Puso más dinero en los bolsillos de los contribuyentes, y también en las cuentas

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Man Worries About Tax Stress

Trabajador por cuenta propia y tu gran factura de impuestos.

¿Estás guardando el dinero suficiente para pagar los impuestos de su servicio o pequeña empresa al final del año? Si estás iniciando un negocio, es posible que no estés pensando en los impuestos al final del año. Posponer la planificación fiscal es un error común que cometen los empresarios  y las empresas en crecimiento. Los

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Spanish Man Uses Ioogo Tax Software

Entrar en el Negocio (Costo Inicial)

A medida que comenzamos a cerrar el año, una pregunta común que recibo de los propietarios de negocios por primera vez es: “¿Cómo deduciré mi costo inicial?” Antes de entrar en la explicación de cómo informar gastos, primero entendamos qué llama “costo de inicio” la IRS. Los gastos en los que incurre durante las etapas

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