There are millions of taxpayers who owe back taxes to the IRS. Some taxpayers end up owing over $10K in back taxes and might even have unfiled tax returns. If that is your case, then you have some options.
Many people make common mistakes that can cost them time, money, and possibly even legal trouble. Learn about the top five tax mistakes to avoid in 2023, so you can file your taxes with confidence and avoid any unnecessary headaches.
The IRS has postponed the 1099 reporting requirement for cash app companies, such as Venmo and PayPal, until the 2023 tax period.
Whether you have a steady independent contractor position or several side gigs, the IRS considers you as "self-employed," which means you are required to file a business Schedule C within your personal tax return.
When it comes to taxes, there are a few things you may have overlooked. Here are some pieces of advice that can help you save money down the line, and keep your business protected from penalties when tax season rolls around.
Beginning January 1, 2022, third party settlement organizations have a requirement to issue a Form 1099-K to payees who have business transactions of more than $600 in a calendar year. (The previous threshold was either 200 transactions or $20,000 in payments in a calendar year, but the law was updated per The American Rescue Plan Act of 2021.)
Everyone has heard the tried-and-true business tips. Things like “identify your target consumers,” “emphasize customer service” and “network, network, network.” But what about all of the other stuff that goes into running a successful small business?
Small businesses are weighed down with a bevy of taxes (and soon they will face changing overtime policies, too). For every employee, businesses have payroll taxes that are paid throughout the year (rather than just on April 15). But what happens if you get behind and can’t pay?
Unfortunately, the term “debt relief” has become synonymous with scams. There are a multitude of companies – dealing in tax debt relief and in debt consolidation – that have taken advantage of consumers by over-promising and under-delivering.
Most people would agree that any notice coming from the IRS is scary news. So much so, that many taxpayers cringe when receiving correspondence and leave important notices, like a CP2000 Notice of Underreported Income, unopened.