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...]
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The IRS Appeals Process For These 3 Common Cases
Taxpayers curious about the IRS appeals process should start by learning as much as possible about it to decrease unnecessary tax debt and penalties. RELATED: The 3 Types Of IRS Offer In Compromise And Their Eligibility Requirements In this article: What Motions or Actions Can Lead to a Tax Appeal? But First, What Are the Requirements for a Taxpayer to File an IRS … [Read more...]
What Is An IRS Backup Withholding Notice And How To Deal With It
Both employers and freelancers feel the negative effects of backup withholding, making being informed crucial in tax preparation and penalty avoidance. RELATED: 11 Tax Sins Not To Commit To Avoid Tax Fraud Charges In this article: What Is Backup Withholding? Is Backup Withholding Bad? How Do I Know If I Am Not Subject to Backup Withholding? Who Are Exempted … [Read more...]
Using The IRS First Time Abatement Strategically To Reduce Penalties
Incurring penalties and fees from the IRS can make paying unpaid taxes more difficult, making first time abatement a valid strategy for saving money. RELATED: 9 IRS Penalties You Could Be Facing After An Audit How to Minimize IRS Expenses Through First Time Abatement Step 1: Be Aware of IRS Penalties and Interest For abatement purposes, taxpayers can classify IRS … [Read more...]
Choosing The Right IRS Installment Agreement For You
Are you having difficulties paying your back taxes? Requesting an IRS installment agreement might a good option for you, so read on to know more about it. RELATED: IRS Installment Agreement Types | How Can It Help You In this article: Taking Advantage of the IRS Payment Plan What Is an IRS Installment Agreement? Guaranteed Installment Agreement Streamlined … [Read more...]
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