Hobby income can affect the amount paid to the IRS. Taxpayers should know whether the IRS thinks income should be classified as a business or a hobby. RELATED: What Are The Penalties Employers Will Face Under Employee Misclassification? In this article: Why Should a Taxpayer Care About How the IRS Sees Their Hobbies? What Is the Hobby or Business Test for the … [Read more...]
IRS Further Expands The Tax Underpayment Penalty Relief
The Tax Relief Center breaks down the IRS's new threshold for tax underpayment penalty relief and explains why many taxpayers faced underpayments during the last tax year. RELATED: IRS Penalty Abatement In this article: The Latest Update on the IRS Underpayment Penalty What’s Up with Our Estimated Taxes? Overview of the Changes Brought About by the Tax Cuts and … [Read more...]
7 Business Risks For Failure To Pay For Sales Taxes
Regardless of the size of your business, you need to pay sales tax to avoid any of these potential risks. RELATED: What Qualifies As Deductible Business Expenses In this article: IRS Audit Interest Charges Additional Late Fees or Penalties Tax Law Confusion Legal Repercussions Limited Business Growth Potential Roadblocks Should You Consider to Sell … [Read more...]
How To Prepare For A Tax Audit | Worker Classification
It's integral to learn how to prepare for a tax audit in the event the IRS wants to make sure you aren't guilty of any employee misclassification. RELATED: Can You Go To Prison For Not Paying Taxes? How To Prepare For A Worker Classification Tax Audit Step 1: Understand How to Properly Classify Workers An IRS audit due to employee misclassification is a long process. … [Read more...]
A Guide To Estimated Taxes For Small Business Owners
The IRS takes the estimated taxes for small business owners and independent contractors seriously, which makes accurate tax guides crucial for business owners. RELATED: Tips To Contact The IRS If You: Receive A Notice, Owe Back Taxes, Etc? In this article: Estimated Tax Payments: A Primer Who Pays for These Estimated Taxes? What Happens If the Taxpayer Did Not … [Read more...]
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