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 gig economy work and freelance jobs?
Report your gross receipts and expenses on Schedule C (Form 1040). Net profit is subject to income tax and self-employment (SE) tax; compute SE tax on Schedule SE if your net earnings from self-employment are $400 or more.
Which costs are deductible for running a small business?
You can deduct expenses that are ordinary (common and accepted in your trade) and necessary (helpful and appropriate) for carrying on your business. This is the baseline test under the Internal Revenue Code.
How do I report business expenses and home office deductions for remote work?
If you are self-employed (sole proprietor filing Schedule C), you generally deduct ordinary and necessary business expenses under section 162 on Schedule C and take the home office deduction on Form 8829
What are the latest rules for reporting cryptocurrency gains/losses?
Selling crypto for fiat, swapping one token for another, spending crypto on goods/services, or otherwise disposing of a digital asset are taxable events that you must report; use Form 8949 to compute gain/loss
Employee Retention Credit Crackdown: What Every Tax Professional Must Know
The era of aggressive claims under the Employee Retention Credit (ERC) is shifting into enforcement overdrive. With the IRS intensifying audits and recovery efforts, tax professionals must proactively navigate eligibility, documentation, and compliance.
New U.S. Remittance Transfer Tax: What CPAs & Financial Advisors Need to Do NowÂ
The new U.S. remittance transfer tax—a 1% excise tax effective January 1, 2026—creates immediate planning and compliance work for firms serving clients who send money abroad
How do the One Big Beautiful Bill Act (OBBBA) provisions affect QBI, SALT, estate, and charitable deductions?
The basic QBI framework remains: up to a 20% deduction of qualified business income, plus 20% of qualified REIT dividends and PTP income, subject to wage/property and income-based limitations
How do I determine residency for state tax purposes with remote work?
You are a resident of the state where you are domiciled until you abandon it and establish domicile elsewhere.
What is the tax impact of inflation on deductions and credits?
Inflation changes the value of thresholds, caps, and phaseouts that determine whether you qualify for a deduction or credit, and how much you get.
What are the rules for reporting side gig income under new 1099-K thresholds?
Third-party settlement organizations (payment apps/marketplaces) must issue a 1099-K if your payments for goods or services exceed $5,000 in the calendar year.