Real Relief for Real People
Get the latest tax tips and news from Direct Tax Relief.
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.
With 2023 around the corner, we’re excited to celebrate the 15 year anniversary of Direct Tax Relief. Our Tax Resolution Specialists have solved thousands of cases and resolved tens of millions of dollars in tax debt.
Since 2014, Jay Soni has been an Enrolled Agent at Direct Tax Relief. As a federally licensed tax practitioner, he represents taxpayers with the IRS and various state tax agencies. He’s an expert involving issues related to collections, audits, and tax appeals.
On August 16, President Biden signed the Inflation Reduction Act of 2022 into law. This comprehensive bill targets making health care and prescription drugs more affordable, fighting climate change, taxing wealthy corporations, and more funding for the IRS. Although the President has signed this bill, some savings in the bill won’t kick in right away. For example, efforts to lower drug prices, including caps on their costs for seniors, won’t take effect until 2025.
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.)
Many taxpayers who owe back taxes to the Internal Revenue Service (IRS) will receive a notice of tax due and attempt to resolve the issue themselves. If you owe an amount less than $10,000 this makes sense. However, when the liability exceeds $10,000, it’s always a good idea to seek professional representation.
