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 [...]
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 [...]
If you're in the military, you have some special tax options available to you. When it's time to file your taxes, check out these resources: The Department of Defense's MilTax is free and has no income limitations. It includes tax preparation, electronic filing software, and personalized support from tax consultants. It's designed to address the realities [...]
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 [...]
