Tax Relief & Abatement- IRS One Time Forgiveness

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To encourage tax compliance, the IRS is able to impose almost 150 penalties. This approach definitely uses more stick than carrot, but it’s not quite as awful as it sounds. If you’ve never had an issue with the IRS before, you can ask for (and likely get) some penalty relief.  Intro to IRS Penalty Relief … Read more

IRS Payment Plan & Offer in Compromise Guide

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Although you may never have expected it to happen to you, sometimes taxpayers find themselves owing the IRS money they just don’t have. Fortunately, you have several options if you find yourself in this position. You’ll need to weigh those options carefully, however, as you won’t be eligible for some and others may hurt more … Read more

Penalty for Underpayment of Estimated Tax & How To Avoid It

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If you earned money through self-employment but didn’t pay estimated taxes, you may find yourself looking at an IRS penalty for underpayment. Here’s what causes a tax underpayment penalty and what you can do to avoid penalties in the future. What is the IRS Underpayment Penalty? Although you file only one tax return each year, … Read more

Sole Proprietorship Taxes – Understanding the Schedule C Tax Form

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If you’re thinking about embracing entrepreneurship and striking out on your own, don’t let the prospect of business taxes make you reconsider. So long as you structure your business as a sole proprietorship or single-member LLC, dealing with the tax consequences is actually quite easy. The hardest part is keeping detailed records of your business … Read more

DoorDash Tax Guide: What deductions can drivers take?

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A side hustle like DoorDash can be a terrific way to make some extra cash. If self-employment is for you, you can also plunge headfirst into the gig economy and become a full-time delivery driver. Either way, it’s important to understand that although working as an independent contractor for DoorDash and other companies offers some … Read more

Resident Alien Tax Guide & Tips – 2021 tax season

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The tax laws that apply to U.S. citizens are notoriously complex, and the rules aren’t any easier for resident aliens. In fact, come tax time, you may discover that the IRS and the United States Citizenship and Immigration Services (USCIS) don’t assign you the same status. That’s why today we’re going to explain your alien … Read more

Reduce Your Self-Employment Taxes with an S Corp

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Being self-employed is great in so many ways. You have a flexible schedule, you can choose your own clients and of course you get to keep all the upside from your hard work. One big drawback though are the self-employment taxes that you owe every quarter. Thankfully there’s a fairly simple way to avoid those … Read more

Best Crypto Tax Software Reviews – 2021 tax season

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If you get into trading cryptocurrencies, you’ll learn quite quickly that there is a lot of information to keep track of. It’s not enough to track what you’ve bought and where in cyberspace it lives. You’ll also need to know your cost basis and calculate whether you’ve gained or lost money during every cryptocurrency transaction. … Read more

Recovery Rebate Credit – How to Claim Missing Stimulus Payments

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If you’re wondering where your government stimulus payment is, you’re not alone. More than 8 million taxpayers are still waiting for their money. If you’re one of them, here’s everything you need to know to make sure you get your stimulus check or direct deposit. Starting with the Recovery Rebate Credit. What is the Recovery … Read more

Bitcoin Taxes: How is Cryptocurrency Taxed in 2021?

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Crypto, such as Bitcoin, is basically an electronic currency that you store in an online virtual wallet. You can buy and sell bitcoin or use it to pay for goods and services online. Many of these transactions are taxable events, however, so you need to understand the bitcoin tax before you get too far down … Read more