A bounced check can merit severe repercussions from the IRS, which should motivate taxpayers to know more about the IRS bounced check process. RELATED: How To Avoid Taxes Through The Mortgage Forgiveness Debt Relief Act In this article: IRS Returned Check: What Happened and What Will Happen? What Are the Penalties for a Bounced Check? IRS Bounced Check … [Read more...]
Business Vs Hobby: How The IRS Qualifies Hobby Income As A Business
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...]
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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