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...
Tax Filing
When do independent contractors pay estimated quarterly taxes?
Being self-employed can mean more personal freedom and keeping more of the money that you generate through your knowledge, skills or hard work. However, self-employment or independent contractor status also comes with additional costs. Increased tax obligations are...
What are the benefits of filing taxes quarterly?
Filing taxes can be frustrating, especially if you wait until the start of the New Year to go back and look at what you owe. If you run your own business, it’s a good idea to file your taxes quarterly, and the government may actually ask you to do so. Paying your...
Common tax mistakes independent contractors make
Many individuals across Georgia make their livings as independent contractors with the large businesses that call the Atlanta metro home. For a lot of these contractors, the thought of navigating the tax labyrinth can be stressful enough to warrant outsourcing their...
PAYMENTS AND PENALTIES RELATED TO TAX FILING EXTENSIONS
A tax filing extension can be a life saver, but it’s important to understand what a filing extension does and doesn’t do. Some taxpayers get into trouble because they request filing extensions as a means of delaying payment of their tax bill, which can lead to...
WHAT TO DO IF YOU FORGOT TO FILE YOUR TAX RETURN
Many taxpayers forget to file their tax returns every year. This could happen for several reasons: You completed your tax return and thought you submitted it to the IRS, but you never did. The IRS rejected your return and you did not resubmit it. You were distracted...
Should You Amend a Prior Year Tax Return?
You should amend a tax return if it’s been less than three years since the tax return’s due date and you find an error that will affect your tax liability. However, some errors will be caught by the IRS and won’t require an amended return. When Not to Amend You don’t...
IRS Notices: Refund Holds for Delinquent Returns
The CP88 Notice is used when a taxpayer’s refund is being held because they have delinquent tax returns. When you receive this notice, you should either file your past due returns or notify the IRS that you were not required to file a return. Why Refunds Get Held The...