The rise of the gig economy has changed how individuals manage their taxes. Gig workers and freelancers must be aware of how tax laws apply to them, as they differ from traditional employment. Self-employment taxes Gig workers and freelancers are considered...
Filing taxes can be a complex and stressful process. If done incorrectly, a tax mistake can result in costly errors. These common mistakes can lead to penalties or missed opportunities for savings. It is helpful to understand some of the most significant tax mistakes...
The Internal Revenue Service may contact you for several reasons. They do not always involve an audit. Understanding these reasons can help you avoid unnecessary stress. Errors on your tax return One common reason for IRS contact is errors on a tax return. These can...
Paying taxes in the state of Pennsylvania can sometimes be quite complicated. Adding to the complexity this year for many Pennsylvanians is the fact that the tax law is changing. This is especially the case for businesses. Not being aware of these changes could hurt...
Facing an IRS audit can be daunting. However, understanding the common triggers can help you avoid unnecessary scrutiny. There are several reasons why the IRS might choose to audit your tax return, ranging from simple mistakes to suspicious activity. By being aware of...
Navigating the complexities of tax filings can be daunting. With careful planning and organization, however, you can make the process more manageable. Whether you are an employee, self-employed individual or business owner, taking proactive steps before the year-end...
When the IRS notifies Pennsylvania residents that their taxes will get audited, it can cause a nerve-racking feeling. However, understanding the tax audit process can make it seem less scary for many people. There are some things that people could benefit from knowing...
The 1031 exchange could offer qualifying Pennsylvania residents a significant tax break. The tax break could go to those who sell investment properties or businesses, but the taxpayer must meet the requirements necessary to receive the tax benefit. Elements of the...
Teens in Pennsylvania might need to file tax returns. They must file if they have made over $1,250 in unearned income or over $13,850 in earned income. The thresholds may change based on the tax year, so always check the current limits. Tax refund Some teens may be...
Companies in Pennsylvania and throughout the United States have the option of paying dividends to their shareholders. A dividend is a portion of a corporation's after-tax income that is distributed externally as opposed to being reinvested in the firm itself. While...
