HBB Accounting, a provider of tax planning and preparation services for individuals and small businesses, says it saved 116 clients $1,005,564 in federal taxes for the 2019-2021 tax years. The announcement was made by Ryan Moriarty, Ph.D., of HBB Accounting.
“If these people weren’t working with us, there would be about $589,461 less in tax savings,” he said. “That’s because we estimate that about 58% of our clients wouldn’t have been able to file their tax returns. We teach our clients that what they did as a side business is considered a business activity under the IRS definition.
According to SideHustle.com, 45% of Americans (70 million people) report having a side business. Among Millennials, that number jumps to 50%, while 70% of Gen Z said they are looking for a side hustle.
“The gig economy continues to dominate the lives of our customers,” Moriarty said. “With inflation and the cost of living continuing to soar, there’s no doubt that people want additional income streams, 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 had gone to other firms, they would have spent an average of $522,000 more in fees.
“As a result, we’ve saved our clients over $1 million in taxes and over $500,000 in fees,” he said. “It’s money we’re putting back in their pockets so they can enrich their lives and their long-term success.”