Individuals with income from employment, investments and even gambling have to file income tax returns. Frequently, employed individuals qualify for income tax refunds because they paid more than they needed to toward their federal income tax obligations for the year....
As you do your taxes, it's natural to worry about making a mistake. You may be concerned that it's going to look like you're trying to commit fraud. For instance, what if you forget to list some of your income? Is the government going to believe that you're trying to...
Workers in the gig economy, also referred to as the "sharing economy," "on-demand economy" and "access economy," are typically considered independent contractors. If you earn money driving for Lyft, picking up groceries through Instacart, delivering food for Grubhub...
After several years of tight budgets, the IRS recently received a budget increase. This will allow it to reenter geographical areas where it has had to pull most of its physical presence. Staff has been expanding and enforcement efforts are being increased.One way the...
Many businesses hire workers as independent contractors, rather than full-time employees, to reduce costs. However, the rules that govern whether someone is a contractor or employee examine factors of the person’s work environment – not what the company...
Tax liens complicate both business and personal finances. Efforts to obtain new property, sell property or open new lines of credit suffer when a tax lien exists on your business assets. The first step to addressing this issue is understanding what a tax lien is....
You’ve been working at your regular, full-time job for a few years now. This year, you decided to use your free time to earn a little extra income. So you started marketing yourself as a freelance consultant for local businesses in your area. The money you earn...
In a previous post, we discussed how a nonprofit can apply for tax-exempt status. One common misconception that many nonprofit owners have that, once they achieve this status, they don’t have to take any further action. This misunderstanding can land nonprofits...
If you’re starting up a nonprofit, you probably have questions. You may have heard that charitable organizations can receive tax-exempt status. However, this designation is not automatic. The IRS has fixed regulations on which organizations are eligible and what...
Your first day at a new job is often a flurry of activity. You’re going through orientation, you’re taking diligent notes and you’re trying to remember every new thing you learn.Then your employer hands you a W-4 form to complete. Your eyes start to...
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