You started a company largely to generate profit and possibly to pursue your passion. Especially if your company has irregular or sporadic scheduling, maintaining a staff of full-time employees may not be realistic. Some companies get the talent they need by working...
Month: July 2021
Tax fraud investigations, while uncommon, are incredibly serious
The IRS doesn’t take fraud allegations lightly. This division of the government is one of the most determined about their job, and you have to take every communication with them incredibly seriously. Did you receive notice that you're suspected of tax fraud? Don’t act...
What happens if you underpay estimated self-employment taxes?
One of the hardest things about becoming your own boss is that there is no one else with the responsibility to oversee your actions. You can't depend on human resources or payroll advising you of any financial obligations you may have or withholding taxes from your...
Biggest mistakes people make as contract workers handling taxes
There are a lot of perks that come with being a contract worker. There’s often not a ceiling on the income that you can generate. It comes with many downsides, too, though. Having to address tax matters is one of them. Your self-employment seldom comes with an...
Report of Foreign Bank and Financial Accounts (FBAR)
The Internal Revenue Service (IRS) wants to know about all assets, even those that are in foreign bank accounts. According to the Bank Secrecy Act, the Treasury Department wants foreign bank account owners to report these accounts by using a Report of Foreign Bank and...