Taxes Archives - Money Shy

The Top 7 Tax Deductions Most People Forget

January 14, 2023 Will L.

Tax season can be a very challenging time of year when it comes to deductions and credits that can lower your tax bill. Even with careful tracking of expenses and research into tax breaks, it is easy to overlook certain deductions that could save you a significant amount of money. This article will highlight the top 7 tax deductions that are most commonly forgotten, to help you make sure you are not missing out on any potential savings. It’s essential…

New North Carolina Energy Tax Credits

January 11, 2023 Will L.

The 2022 Inflation Reduction appropriated close to $209 million to North Carolina for the creation of programs to give incentives in the form of rebates for residential energy consumers to install energy efficiency upgrades in their homes. The funding will be split into 2 programs: HOMES & High-Efficiency Electric Homes (HEEH) Rebates will be applied to the installation of: To qualify, technologies must be certified under the EPA’s ENERGY STAR program. Single-family homes, multi-family residential buildings, new-construction homes, and rental…

Uber Taxes

January 10, 2023 Will L.

Driving for Uber (or Doordash, Lyft, etc.) can have significant tax implications. Because you are considered an independent contractor rather than an employee, you will be responsible for paying your own taxes on the income you earn from driving for Uber. Here are a few of the tax considerations to keep in mind if you drive for Uber: Income On your Uber account, you will have access to a tax summary which will break down gross earnings and your net…