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Self Employment And Quarterly Taxes
If you're making money regularly as a self-employed person, then you have probably heard of something called "estimated taxes." These are taxes which self-employed people pay per quarter throughout the year. Most non-self-employed people have their taxes taken out with each paycheck. Quarterly estimated taxes is basically a self-employed person's version of this. If you are making more than $400 in self-employment income, then you also must pay self-employment taxes. However, just because you're self-employed and must pay self-employment tax, it doesn't necessarily mean you have to pay estimated taxes.
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Getting The Best Tax Situation Possible For Your Mowing Side Business
Many people make a little extra money during the summer mowing lawns. While it is not likely a major source of income, it is one that can help out a lot. Those who are interested in starting this type of business need to understand how they can get the best possible tax return situation. Mowing Is Likely Taxable Those who start a small mowing business may think it qualifies as more of a hobby than a business.
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What To Do When You Are Audited By The IRS
Getting audited by the IRS can create a scary situation. There are many times when people do not know what to do when they are audited by the IRS because it has never happened to them before. The guide below walks you through the steps to take when you are audited by the IRS to make the situation as minimally stressful as it can be. Gather Your Tax Information For Previous Years
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What Should You Do If You Can't Pay Your Taxes?
If you didn't get your tax withholding right this year, you may be facing a huge tax bill. If you've completed your tax return and found you owe far more than what you have in your savings account, you may fear what will come next. Luckily, the IRS does not live up to its scary reputation. They will work with you as long as you work with them. Here's what to do.
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