HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
How do I report income from online platforms (Etsy, Amazon, Stripe, PayPal)?
Income from Etsy, Amazon, PayPal, or Stripe is taxable. Report all earnings on Schedule C, track expenses, and pay self-employment tax. Even without a 1099-K, you must report income.
Is advance payment or deposits taxable in the year received?
Advance payments are generally taxable in the year received. Deposits aren’t taxed until earned or conditions are met. Accrual basis taxpayers may defer some payments under IRS rules.
Do I report income on a cash or accrual basis?
Most individuals use the cash method, reporting income when received. Accrual basis reports income when earned. Choose based on IRS rules and your business needs.
2025 Tax Reform Update: Key Provisions and Legislative Progress
Explore the 2025 “One Big Beautiful Bill Act” tax reform update, including key provisions, legislative progress, and implications for taxpayers and businesses. Stay informed on upcoming U.S. tax changes.
Running Crypto Operations as a Business — Maximize Deductions for Mining, Staking, and Trading
Discover How to Run Crypto Operations as a Business and Maximize Deductions for Mining, Staking
How do I report business income and expenses on my personal return?
Learn how to report business income and expenses on your personal tax return using Schedule C. Understand deductions, record-keeping, and common mistakes to avoid.
What are the penalties for late filing or late payment for businesses?
Learn about penalties for late filing or payment for businesses, including failure-to-file fees, late payment charges, and exceptions for reasonable cause.
Can I file an extension for my business tax return, and how?
Yes, you can file an extension for your business tax return using Form 7004. Learn how to request an extension, payment requirements, and deadlines by business type.
What forms do I need to file as an LLC/S Corp/C Corp/Sole Proprietor?
Learn the tax forms required for LLCs, S Corps, C Corps, and Sole Proprietors. Ensure compliance with federal filing requirements for your business entity.
How do I determine my business entity’s filing status?
Determine your business entity’s filing status and tax obligations. Learn about default classifications, Form 8832 elections, and filing requirements for LLCs, corporations, and more.