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 [...]
This article was published by the MA DOR. If you receive a Notice of Intent to Assess (NIA) or a Notice of Assessment (NOA) from the MA Department of Revenue, it is essential to understand the difference between the two. An NIA is DOR’s determination of additional taxes you might owe, while a NOA is a [...]
This article was published by the IRS. The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax. If they don’t, they [...]
It's important to think about hurricanes, tornadoes, and other disasters so you're prepared in case they happen. This includes safeguarding your tax forms and other financial records. First, you could take advantage of electronic record keeping. See if you can receive your bank statements and related documents by email. For paper documents such as W-2s and [...]
This article was published by the IRS. Whether it's a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn't have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their [...]
