doola blog category: Guide

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How to Get a Tax ID Number
There was a point in my life where I hated the idea of business. As an artist, it was the last thing on my mind. Now, as a freelance writer, I understand. Business savviness and legal know-how are paramount when it comes to running a successful business.  With that said, I’ll be going over how…
Genki Hirano
Genki Hirano
22 Feb 2024
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5 min read
Guide
Tax Deductions for Renting a Room in Your House
Renting out a room in your home can be an effective way to earn extra income and reduce the financial burden of maintaining a house or apartment. However, this new source of income brings with it certain legal and tax implications. This article delves into the tax deductions you can get when you rent out…
Genki Hirano
Genki Hirano
22 Feb 2024
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6 min read
Learn
What Is the Self-Employed Health Insurance Deduction?
If you work as a self-employed professional or small business owner, there are numerous deductions you may be able to take to reduce your total taxable income. One key deduction is the self-employed health insurance deduction. If you’re self-employed, you may deduct up to 100% of the health insurance premiums if you meet certain criteria.…
Alison K Plaut
Alison K Plaut
21 Feb 2024
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3 min read
Learn
Can LLC Losses Offset W-2 Income?
Setting up a business might sound glamorous, but you’ll need to get into the nitty-gritty details of business structure and taxation. A limited liability company (LLC) business structure gives your company both flexibility and protection. The LLC helps shield your personal assets from legal liabilities. Plus, you have the flexibility to choose how you want…
Alison K Plaut
Alison K Plaut
21 Feb 2024
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5 min read
Learn
Will I Get a Refund if My Business Loses Money?
If your business loses money, it’s undeniably a bad financial year. You may find yourself wondering, “Will I get a refund if my business loses money?” The only silver lining is that, in most cases, you can get a refund of estimated taxes if your business has a net loss. Like all other taxpayers, if…
Alison K Plaut
Alison K Plaut
21 Feb 2024
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6 min read
Learn
Schedule C Loss Limit: What You Should Know
If you run your own business, have an LLC, or work as a sole proprietor, it’s likely you’ll need to become familiar with IRS Schedule C at tax time. This form is used for reporting business income and expenses for sole proprietors.  Freelancers, contractors, people doing side-gigs, and small business owners typically file IRS Schedule…
Alison K Plaut
Alison K Plaut
20 Feb 2024
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6 min read
Learn
What Is the India-US DTAA? 
Engaging in international business or investments between India and the United States introduces the potential challenge of double taxation, where the same income is taxed by both countries. The India-US Double Taxation Avoidance Agreement (DTAA) serves as a crucial solution to this issue.  This agreement is specifically crafted to ensure that individuals and businesses with…
Jeannine Mancini
Jeannine Mancini
20 Feb 2024
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6 min read
Learn
For How Many Years Can You Claim a Business Loss on Your Taxes?
It’s not uncommon for businesses, especially new ones, to spend more money than they make in their initial years. This situation leaves many business owners wondering how many years they can claim a business loss on their taxes to help offset those tough times. The IRS rules allow business losses to be reported on tax…
Jeannine Mancini
Jeannine Mancini
20 Feb 2024
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5 min read
Learn
Best Financial Tools for 2024
Knowing the cash inflow and outflow of your business is crucial for keeping track of your company’s performance. Digital tools can help you assess expenses, create a budget, and invest money wisely. Many finance tools offer bar graphs and charts for interpreting complex data, making information easy to understand. This makes running and managing your…
20 Feb 2024
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7 min read
Learn
Tax Liability vs. Tax Deposited: What’s the Difference?
Understanding the distinction between tax liability and tax deposited is crucial for anyone navigating the complex world of finance. And often, these terms are tossed around, creating confusion and a sense of uncertainty. So, what is the difference exactly, and will it affect the way you do your taxes? Read on to learn more about…
Genki Hirano
Genki Hirano
19 Feb 2024
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6 min read
Guide
Can I Write Off My Business Losses on My Personal Taxes?
If you are self-employed or work as a freelancer, your business taxes are typically reported on your personal tax return. Likewise, if you have a single-member limited liability company, you have the option of pass-through taxation to report business income and losses on your individual return. You may wonder, “Can I write off my business…
Alison K Plaut
Alison K Plaut
19 Feb 2024
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5 min read
Learn
Are Payroll Deductions for Health Insurance Pre-Tax?
In the business landscape, grasping how payroll deductions for health insurance impact your employees and your company’s finances is crucial. Business owners often ponder whether these deductions should be configured before or after taxes. This consideration goes beyond mere payroll processing; it’s about making strategic decisions that can influence your company’s financial health and the…
Jeannine Mancini
Jeannine Mancini
19 Feb 2024
·
6 min read

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