This article was published by the IRS. The IRS has launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business. During this difficult and challenging time, the IRS streamlined the "Closing a Business" page into simple steps, so business owners and self-employed individuals can quickly find the [...]
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 [...]
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.
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 [...]
This article was published by the IRS. The Department of Treasury and the Internal Revenue Service have issued Notice 2023-42, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax [...]
