For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway? New employees should ensure they understand their tax situation and do some planning now, so
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
Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. The IRS is understaffed and is still dealing with a backlog from last year.
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income
Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig economy is activity where people earn income providing on-demand work, services or goods. Often, it’s through a
An important update from IRS.gov: “The IRS announced today that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts without the use of any biometric data, including facial recognition.
This year many filers can take advantage of unique tax benefits included in the American Rescue Plan and other recent legislation. Often, individuals and families can get these expanded tax benefits, even if they have little or no income from a
All employers need to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS in fraud prevention. A 2015 law made it a permanent
The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The IRS encourages everyone to have all the information they
The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on