This article was published by the IRS. No matter the type of disaster or how devastating it is, before the IRS can choose to authorize tax relief, the Federal Emergency Management Agency must issue a major disaster declaration. Generally, the IRS will authorize disaster tax relief to all areas identified on a major disaster declaration if [...]
This article was published by the IRS. All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Doing this now can help protect against facing an unexpected tax bill or penalty in the future. The sooner taxpayers check their withholding, the easier it is [...]
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 [...]
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 [...]
