You’ve been waiting on that refund for weeks. The mailbox is empty. The checking account hasn’t budged. And somewhere in the back of your mind you’re wondering if the IRS even got the paperwork. You’re not alone. Most people don’t realize that a single typo on a paper return can stall the whole tax refund process for months without […]
Even individuals with a strong record of financial responsibility may experience apprehension and anxiety when undergoing an audit conducted by the Internal Revenue Service (IRS). However, being one of the less than one percent of taxpayers who receive an IRS audit letter should not send you into a panic. In most cases, these letters are […]
You paid a graphic designer a few thousand dollars last year. Now tax season looms and a nagging question surfaces. Did that transaction create an IRS form 1099 obligation for you? The old $600 rule is gone but the confusion around who gets what form hasn’t budged an inch. Business owners stare at piles of payments to freelancers and independent contractors with […]
Filing taxes confuses nearly everyone especially when you stare at your first tax return. More than two million people accidentally misreport their freelance income each year and that mistake triggers a very costly delay. One single wrong number can easily freeze your tax refund for months. You might wonder which filing status applies or whether to take the standard deduction. […]
If you work for yourself, estimated quarterly taxes are how you keep taxes from turning into one painful bill at filing time. No employer is pulling money from each paycheck, so your self-employed income needs a quarterly routine. That routine starts with profit, not just deposits. A contractor who collects $12,000 in March may have […]
Tax season, a period notorious for inducing stress among individuals and businesses alike, unfortunately presents scammers with a golden opportunity to prey upon unsuspecting taxpayers. In this article, we will explore the various tactics employed by these unscrupulous individuals offering you invaluable insights to maintain a competitive edge and proactively protect yourself. By arming yourself […]