Starting a side hustle can be an exciting way to earn extra income, turn a hobby into a business, or test out a new idea. But whether you’re freelancing, consulting, selling products, providing services, or working in the gig economy, there’s one part of your new venture you don’t want to overlook: taxes. Side-hustle income…
An IRS Letter 1058 is not the first letter about a tax bill, and by the time it arrives, it usually is not a surprise. A string of earlier notices typically comes first: a balance due, a couple of reminders, then a letter with sharper language than the ones before it. Letter 1058 is different…
Running a small business comes with plenty of expenses. Fortunately, many ordinary and necessary business costs may be deductible, potentially reducing your taxable business income. The challenge? Some deductible expenses are easy to overlook—especially when you’re focused on customers, employees, cash flow, and everything else that comes with running a business. Here are 10 tax…
If you owe back taxes, you have heard the pitch. A serious voice describes a government program that erases most of what you owe. Pennies on the dollar. Ninety percent off. Call before the window closes. The IRS Fresh Start Program is real. That part is true. But the thing being advertised is not the…
Receiving a letter from the IRS can be stressful, especially when it mentions possible collection action. One notice that often causes concern is IRS Notice LT11, officially known as the Final Notice of Intent to Levy and Notice of Your Right to a Hearing. If you’ve received an LT11 notice, it’s important to understand what…
