As a 1099 contractor or self-employed individual, understanding the tax implications of your expenses is crucial for maximizing your deductions and minimizing your tax liability. One common question that arises is whether you can write off food on a 1099. This guide will delve into the intricacies of the business meals deduction, providing you with … Read more
As a self-employed individual or 1099 contractor, understanding your tax obligations is crucial. One common question that arises is what to do if you have income but no 1099 form. This guide will provide a comprehensive overview of the steps you need to take to report your income accurately and avoid potential tax penalties. Understanding … Read more
Handling checks that are not in your name can be a confusing and potentially risky situation. Understanding the legal and practical implications is crucial to avoid financial and legal troubles. This guide will provide a comprehensive overview of the circumstances under which you can cash a check not in your name, the potential risks involved, … Read more
Navigating the complexities of tax deductions can be daunting, especially when it comes to medical expenses. This comprehensive guide will delve into the intricacies of medical expense deductions, focusing specifically on prescription medications. By analyzing authoritative sources from the IRS and Investopedia, we will provide a clear understanding of what qualifies as a deductible medical … Read more
Yes, the IRS can seize inherited property for unpaid taxes. However, they must follow specific procedures before doing so. What is the IRS Seizure Process? Notice of Intent to Levy: The IRS will send a “Notice of Intent to Levy” to the taxpayer, informing them of their tax debt and the potential seizure of assets. … Read more
Filing taxes can be a daunting task, and it’s natural to worry whether or not you’ve done everything correctly. Here are a few ways to check if your taxes were filed correctly: When you e-file your taxes, the IRS will send you an Acknowledgement Record. This record will indicate whether your return was “Accepted” or … Read more
Taxes are a fundamental obligation for citizens, and failure to fulfill this duty can lead to serious consequences. Among the various tax offenses, the tax crime of omission stands out as a grave violation that can result in severe penalties. This comprehensive guide delves into the intricacies of the tax crime of omission, exploring its … Read more
The Internal Revenue Service (IRS) is responsible for enforcing the federal tax code, which includes conducting audits to verify the accuracy of tax returns and ensure that the correct amount of tax has been paid. While less than 1% of individual income tax returns are selected for audit each year, the likelihood of being audited … Read more
Tax avoidance and tax evasion are often used interchangeably, but they represent distinct concepts with significant legal implications. Tax avoidance involves employing legal strategies to minimize tax liability, while tax evasion is an illegal act that involves concealing income or assets to avoid paying taxes. This article delves into the nuances of tax avoidance, exploring … Read more
After filing your tax return, you may encounter the message “Your tax return is still being processed” when checking its status. This message indicates that the Internal Revenue Service (IRS) has received your return and is currently reviewing it. While this message does not necessarily imply any issues with your return, it’s important to understand … Read more