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Tax Myths For Business Owner's

Updated: Mar 4, 2020

Buying a home will give you guaranteed tax breaks. No. Not everyone is guaranteed a tax break when buying a home. In addition, there are other tax breaks related to owning a home and not just buying a home.

You don't need to report income from a side job. False. Just because you didn't receive a W-2 or a 1099 doesn't mean that you shouldn't report this income. Generally, income is taxable.

It's ALWAYS better to itemize deductions. It depends. If your Itemized deductions are higher than the standard deduction, you might want to consider itemizing your returns. Otherwise, you can choose the standard deduction.

It feels good being in the know.

Working a side hustle means you’re now both boss and employee, with all the freedom self-employment offers, but also with the added tax duties.

Millions of Americans work side jobs to supplement their salaries. If you’re one of them, you’ll need to pay taxes on the earnings from your side hustle. Here’s how to meet IRS expectations when it comes to your side jobs.

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