MileageWise Blogtax

Managing 1099 taxes might seem like a tedious task, one that makes you dread tax season. But, once you have a clear overview of the process and the right tools, it becomes manageable. This guide aims to simplify the tax preparation process for freelancers, independent contractors, and anyone in need of 1099 tax calculation.Understanding Your…

Understanding and managing quarterly taxes can be challenging for the self-employed, including freelancers, independent contractors (e.g. DoorDash drivers or Spark delivery drivers), and sole proprietors. This article will walk you through the most important aspects of self-employed quarterly taxes. It will offer a detailed look into calculating estimated tax payments, understanding due dates, avoiding penalties, and…

Last updated: April 18, 2024 In the evolving landscape of modern work, the concept of a "tax home" has become increasingly relevant, particularly for those venturing into the realm of home-based businesses. Understanding the home-based business concept goes beyond its simple definition; it's about grasping the full scope of what it means to operate a business…

Last updated: April 12, 2024 Embarking on the journey of self-employment is an exhilarating chapter in anyone's career, offering unparalleled freedom to pursue one's passions and dreams. Yet, with this freedom comes the responsibility of navigating the complexities of self-employment taxes—a daunting task for many. Understanding the intricacies of tax obligations, deductions, and strategies to maximize…

Navigating the complex terrain of business taxes can feel overwhelming, especially when it comes to leveraging car depreciation and maximizing your tax returns. Car depreciation for taxes is a significant consideration for many business owners and independent contractors, offering a way to account for the wear and tear on vehicles over time.With the right tools,…