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Self Employment Tax

Self Employment Tax Reporting Self employment tax reporting is an add on tax liability on page 2 of you tax form 1040.  Some first time self employed individuals do not understand why is it that they must pay this tax. Income Reporting A self employed individual is an unincorporated business, (ex. sole proprietor, independent contractor, …

Taxpayer Rights

Taxpayer Rights! As a U.S. taxpayer you have rights, and you need to know what your rights entitle you to.  The IRS is highlighting your rights in Publication 1 “Your Rights as a Taxpayer”.  Millions of taxpayers will be receiving Publication 1 when they receive their IRS notices on issues ranging from tax audits to tax …

Why Taxpayers Should File All Tax Returns

Taxpayers “Failure to File” penalties are costly Taxpayers fail to file their tax returns for many reasons, yet here are four very good reasons to file your current tax return and any past year returns: 1.  Avoid interest and penalties:  Yes, the IRS will assess you with a penalty for “Failure to File” your tax return and interest …