If you get paid electronically for a side hustle, small business, or selling things online, you may need to pay taxes. Payment apps and online marketplaces might issue a Form 1099-K, informing you and the IRS of how much money you got for selling things or providing a service. If you make a profit through these [...]
Millions of workers qualify for the Earned Income Tax Credit for the first time due to changes like the birth of a child. Visit IRS.gov/eitc for more details.
This article was published by the IRS. During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA. For 2024, there is a $150 increase to the contribution limit for [...]
Tax preparers see a lot of personal information from their clients. If you pay someone to do your taxes, know that most preparers are honest and trustworthy. Each year, however, some taxpayers suffer financially because they make a poor choice of who their taxpayer is. Here are some tips to help you choose: First, find out [...]
This article was published by the IRS. As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt. These businesses, often called Offer in Compromise mills, make huge claims about [...]
