If you’ve earned income from self-employment but haven’t received a 1099-NEC or 1099-MISC, you’re still responsible for reporting that income to the IRS. Fortunately, TurboTax makes it easy to do so. Here’s a step-by-step guide on how to report cash income without a 1099 using TurboTax: Step 1: Gather Your Records Before you begin, gather … Read more
Form 1099-B is used to report proceeds from the sale or exchange of stocks, bonds, and other securities. If you’ve received a 1099-B, you’ll need to enter the information on your tax return to report your capital gains or losses. H&R Block makes it easy to enter Form 1099-B information into your tax return. Here’s … Read more
If you owe back taxes to the IRS, you may be considering an Offer in Compromise (OIC) to settle your debt for less than the full amount owed. But how much should you offer? This guide will provide you with the information you need to calculate an appropriate OIC amount and increase your chances of … Read more
The allure of real estate as a potential haven for illicit funds is undeniable. With its tangible nature and perceived stability, property has long been a favored asset class for those seeking to launder their ill-gotten gains. However, the complexities of real estate transactions and the increasing scrutiny of financial institutions have made it more … Read more
The Internal Revenue Service (IRS) is responsible for enforcing tax laws and collecting taxes in the United States. While the IRS is often portrayed as a ruthless and intimidating agency, the reality is more nuanced. IRS agents are individuals with a wide range of personalities and approaches, and their behavior can vary depending on the … Read more
The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws. While the vast majority of taxpayers comply with these laws, there are some who willfully evade or attempt to evade their tax obligations. In such cases, the IRS may pursue criminal charges. Frequency of Criminal Prosecutions According to the IRS, approximately 3,000 … Read more
AARP Foundation Tax-Aide is a free tax preparation service that has been helping taxpayers for over 50 years. Tax-Aide volunteers are IRS-certified and trained to provide accurate and reliable tax preparation assistance. Who is Eligible for AARP Tax-Aide? AARP Tax-Aide is available to anyone, regardless of age or income. However, the program is specifically designed … Read more
The internet has become an indispensable tool for both personal and professional endeavors. For self-employed individuals and small business owners, internet expenses often constitute a significant portion of their operating costs. Fortunately, the Internal Revenue Service (IRS) recognizes the necessity of internet connectivity in today’s business landscape and allows for the deduction of a portion … Read more
The Earned Income Credit (EIC) is a significant tax credit designed to supplement the earnings of low-to-moderate income working individuals and families. This credit can substantially reduce your tax liability or even result in a tax refund. Understanding the eligibility criteria and income limits for the EIC is crucial to determine if you qualify for … Read more
Navigating the complexities of the tax system can be daunting, and sometimes you may need to speak with an IRS agent to clarify issues or resolve specific tax-related concerns. This guide provides detailed instructions on how to contact an IRS agent in 2023, ensuring a smooth and efficient interaction. Contacting the IRS via Phone 1. … Read more