In IRS Tax Tip 2024-41 the IRS reminds taxpayers of the different types of business structures they can choose when setting up a new business, the type of tax year and the business EIN number. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new […]
The IRS reminds us on the differences between employed individuals and self employed individuals, remember please consult the IRS’s Revenue Ruling 87-41 for the IRS’s 20 point analysis! This is a hotly audited IRS focused area! During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether […]
The IRS explains how the Gig economy- (also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website..) is taxed, so timely and relevant in today’s changing world. Taxpayers who work in the gig economy need to […]
If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS: SE Income. Self-employment
Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. Self-employment
