Ocho Learning Center

Business +1 Taxes
May 31, 2023
What Are The Different Types Of Business Entities?

When you’re starting a business, choosing the business structure that you’ll operate under is one of the first important decisions you’ll have to make. It’s important to choose the right entity for your situation because there are different administrative, tax, and legal ramifications for each one. There are over a dozen different types of business […]

Taxes +1 Accounting
May 26, 2023
A Simple Guide To Making Financial Forecasts For Your Business

Whether you run a 7-figure business or a small weekend side hustle, financial forecasting helps you to predict how your business will perform financially in the future. It helps you to plan ahead, set expectations and goals, make smarter decisions, and is necessary to have if you ever decide to raise funding for your business. […]

April 07, 2023
What is a Gift Tax (Rates, Limits, How It Works)

The gift tax is a federal tax imposed on the transfer of property or assets from one person to another without receiving something of equal value in return. The person giving the gift (the donor) is usually responsible for paying the gift tax. The gift tax applies to both direct gifts (such as cash or […]

March 28, 2023
The Augusta Rule: Rent Out Your Home For Tax-Free Rental Income

The Augusta Rule is one of the biggest tax loopholes for business owners. It’s so good that it almost feels illegal. Here’s how it works. Your business can pay you rent to use your own home for a work event for up to 14 days a year. It’s entirely tax-free income to you as the […]

March 25, 2023
How To Claim The Home Office Tax Deduction (Simplified vs Regular Method)

In the US, there are two methods to calculate home office expenses: the Simplified Method and the Regular Method. Each method has its own rules and calculations, and pros and cons depending on your circumstances. Let’s go through them below. The Simplified Method is the simpler and easier method of taking a home deduction because […]

February 14, 2023
What Are Itemized Tax Deductions?

When you file your taxes, the IRS gives you two options for taking tax deductions. You can either take a standard or itemized deduction, but not both. A standard deduction is a set amount that’s determined by the IRS each year. If you choose the standard deduction, your deduction is predetermined and you can check […]

February 14, 2023
Standard Deduction vs Itemized Deduction: Which One’s Better?

The standard deduction is a flat amount that you can subtract from your income, while itemized deductions are specific expenses that you can deduct, but you must keep track of your expenses and provide documentation. The choice between claiming the standard deduction and itemizing your deductions will depend on which method gives you the greatest […]

February 14, 2023
How Much Is The Standard Tax Deduction In 2022-2023?

When you’re filing your taxes, you have two options for taking deductions: standard or itemized. Standard deductions are easier to take since you simply subtract a set amount from your taxable income. However, some people may benefit more from itemized deductions, which requires you to list (and provide proof of) all eligible expenses during the […]

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