Income Tax
Accounting Firm Saved Clients More Than $1 Million in Taxes from 2019-2021
According to SideHustle.com, 45% of Americans (70 million people) report having a side hustle. Among millennials, that number rises to 50%, while 70% of Gen Zs reported looking for a side hustle.
Aug. 02, 2022
HBB Accounting, a provider of tax planning and preparation services to individuals and small businesses, says it has saved 116 clients $1,005,564 in federal tax for tax years 2019-2021. The announcement was made by Ryan Moriarty, Ph.D., of HBB Accounting.
“If these people did not work with us, there would be about $589,461 less saved on their taxes,” he said. “This is because we estimate that about 58% of our clients would not have known to do their business taxes. We teach our clients that what they were doing as their side hustle qualifies as business activities per the IRS definition.”
According to SideHustle.com, 45% of Americans (70 million people) report having a side hustle. Among millennials, that number rises to 50%, while 70% of Gen Zs reported looking for a side hustle.
“The gig economy continues to dominate our clients’ lives,” said Moriarty. “With inflation and the cost of living continuing to skyrocket, there’s no doubt that people want additional streams of income—and that’s where HBB Accounting can help. We keep our fees lower than other accounting firms and help clients maximize their business deductions.”
Moriarty estimates that if his clients went to other firms, they would have spent an average of $522,000 more in fees.
“As a result, we’ve saved our clients more than $1 million on their taxes and more than $500,000 in fees,” he said. “That’s money we’re putting back in their pockets so they can enrich their lives and success for the long run.”