The gig economy refers to a labor market characterized by short-term contracts or freelance work as opposed to permanent jobs. It encompasses a wide range of industries, from ride-sharing and food delivery services to freelance writing and graphic design. Instead of being classified as traditional employees, many workers in the gig economy are considered independent […]
Understanding a Notice of Federal Tax Lien and What to Do About It
Neglecting to pay your taxes can lead to serious consequences, and one of the most severe repercussions is the federal government filing a legal claim against all your current and future property through a federal tax lien. In this article, we’ll break down what a federal tax lien is and provide guidance on what steps […]
Understanding Tax Fraud: Consequences and Penalties
Tax fraud is a serious offense that involves intentionally evading or misrepresenting information on tax returns to avoid paying the correct amount of taxes. In the United States, it is taken very seriously by both federal and state authorities, and anyone caught engaging in such activities could be subject to significant penalties and even criminal […]
Home Office Deductions: A Guide for Self-Employed Workers and Remote Employees
In recent years, the rise of remote work has significantly impacted the way we approach employment. Whether you are self-employed or an employee working from home, you may be wondering about the potential tax benefits of your home office. It’s important to understand the differences between the home office deductions available to self-employed remote workers […]
Taking Steps to Correct Errors on Your Tax Return
Preparing and understanding tax returns can be complex and challenging. Even professionals sometimes struggle to ensure every number and detail is accurate. Often, mistakes are only noticed after submitting the return online or sending it via mail, or worse, when the IRS sends a notice regarding discrepancies. If you find yourself in this situation, it’s […]