If you get paid electronically for a side hustle, small business, or the sale of items online, you might need to pay taxes on that income. Payment apps and online marketplaces issue a Form 1099-K, informing you and the IRS if you're paid more than $600 in a year. If you make a profit through these [...]
If you're in the military, you have some special tax options available to you. When it's time to file your taxes, check out these resources: The Department of Defense's MilTax is free and has no income limitations. It includes tax preparation, electronic filing software, and personalized support from tax consultants. It's designed to address the realities [...]
Beware of ads that promise big money through the employee retention credit. While it's a real credit, scammers are telling people they qualify when they really don't. Don't fall for it! Get official info at IRS.gov/erc.
The IRS conducts audits to verify income, deductions, expenses, and credits claimed on tax returns. Here's what to do if you receive a letter that says the IRS is auditing your tax return by mail. First, read the letter carefully. It explains the issues involved and outlines the types of information you need to send us. [...]
Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds taxes from your pay, or you pay quarterly estimated taxes on your own. If you have income that’s not subject to withholding, you may need to make quarterly payments. This includes income such [...]
