Remember, you are responsible for any information on your tax return. Beware of schemes that push you to claim the Employee Retention Credit, even if you're not eligible for it. You could end up having to repay the credit, with penalties and interest. Visit IRS.gov/erc.
Students and others often get part-time and seasonal jobs to earn extra money or to save for later. But many people don't realize that they may have to report and pay taxes on their income. When you start a job, you need to fill out a Form W-4, which is an Employee's Withholding Certificate. Your employer [...]
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 [...]
This article was published by the IRS. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many people engage in hobby activities that turn into a source of income. However, determining if that [...]
This article was published by the IRS. The Internal Revenue Service has announced that taxpayers who receive certain notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov. This new secure step will allow taxpayers or their tax professional to electronically upload documents rather than mailing [...]
