Taxes can be incredibly complicated, even for those who are well-versed in financial matters, and they only become more complicated when you consider paying taxes on a small business or estate. Fortunately, there are ways for law-abiding citizens to avoid...
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When may independent contractors need to pay taxes on earnings?
Business owners hiring independent contractors must provide them with 1099-MISC forms by January 31 following the end of a tax year. If you earned at least $600 working as an independent contractor, the business that paid for your services must send you and the IRS a...
What can the IRS do when attempting to collect back taxes?
The IRS has set the standard for how it operates to recoup the money it believes you may owe. Once they begin the process of collections, you may find yourself facing a host of issues. With the federal government's power at its disposal, the IRS can cast a wide net...
When may business owners need to pay self-employment taxes?
The type of business you own and operate could determine whether you need to file and pay self-employment taxes. The Internal Revenue Service’s website notes that work performed as a sole proprietorship or an independent contractor generally requires filing annual...
Avoid these red flags that may trigger a tax audit
Most taxpayers have little to worry about regarding an IRS audit, but that doesn't mean you shouldn't be careful about inadvertently sending out warning signs. Once the tax authorities become aware of a potential discrepancy, it is too late to make the problem simply...
Why does the IRS send notices?
Do you have concerns about a letter from the IRS? The Internal Revenue Service sends taxpayer notices for specific purposes. Review the common types of IRS notices you may receive and the next steps to take. Reasons for IRS notices You may receive a letter in the mail...
What are the risks of the advance child tax credit?
The advance child tax credit is a prepayment of the credit parents receive when doing their taxes. It provides extra money to parents who have children under the age of 16 throughout the year rather than them getting it in their tax refund. CNBC explains that there...
The importance of classifying workers correctly
Business owners have a variety of responsibilities. Managing workers correctly is one of them. When it comes to classifying workers, the two options are typically an employee or independent contractor. Employers must classify correctly, or there will be financial and...
How should you prepare for an IRS audit?
You received a notice in the mail that the Internal Revenue Service intends to audit your taxes. Now what? Having the records to support your return organized and ready may help you resolve the issues quickly and favorably. Financial records According to the IRS, a...
Payment plan or Offer in Compromise: Which one is right for me?
If you have a lot of tax liability, you may be afraid to lose your property to the Internal Revenue Service (IRS). However, you can stop the IRS’s collection efforts if you promise to pay what you owe, or at least a significant percentage of that amount. To repay the...