The IRS allows you to claim a business vehicle write-off as long as your vehicle is used for business purposes. However, it's important to determine whether to use the standard mileage or actual expenses method to maximize your tax savings. Find out more about depreciation, buying vs. leasing, and everything else you need to know to maximize your business vehicle write-off.| turbotax.intuit.com
When you sell an asset for more than your adjusted basis, you have to pay capital gains tax. However, there's a big difference between short vs long-term capital gains and how they're taxed. Here's a breakdown of short vs long-term capital gains and how they impact your taxes so you can minimize how much you owe.| turbotax.intuit.com
Form 2210 is used to calculate underpaid estimated taxes and penalties for self-employed individuals. Those who didn’t withhold enough from their paycheck may also need this form. Learn more about when the 2210 form is used, how underpayment penalties work, and how to avoid this penalty in the future.| turbotax.intuit.com
Claiming dependents is one of the most effective ways to reduce your taxable income, but there are requirements and restrictions you should know about. To save more on your taxes this year, learn more about claiming dependents, how much money you can save, and who you're allowed to claim as a dependent.| turbotax.intuit.com
The Child Tax Credit (CTC) is a partially refundable credit that provides financial relief for parents with qualifying children under 17. For tax year 2024, the credit can be up to $2,000 per child, with a portion potentially refundable. Eligibility depends on income, filing status, and the child’s age--find out if you qualify.| turbotax.intuit.com
Form W-4 is used to figure out how much your employer should withhold in federal income tax from each paycheck. Withholding the correct amount means you’re less likely to experience surprises when you file your taxes, and it can help you avoid overpayments throughout the year. Learn more about Form W-4 and how you can use it to calculate your withholding.| turbotax.intuit.com
State Income taxes, which vary by state, are a percentage of money that you pay to the state government based on the income you make at your job. Here are the details.| turbotax.intuit.com
QuickBooks Solopreneur is custom-built for your business of one. Manage your finances like a pro with our low-cost, self-employed accounting software today.| quickbooks.intuit.com
