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What Happens After a CP05A Letter?
If you’ve received a CP05A letter from the IRS, you’re likely wondering what it means and what happens next. This…
What Happens If Your Business is Deemed a Hobby?
Starting a business can be an exciting and rewarding venture, but it also comes with several legal and financial responsibilities.…
IRS Taxation for Selling on Poshmark: What You Need to Know
Selling on Poshmark has become a popular way for individuals to turn their unwanted clothes into extra income, but many…
What Happens if I Lose My 1099?
Losing your 1099 form can feel stressful, especially when tax season is approaching. This form is crucial for reporting income…
How Much Do 1099 Contractors Pay in Taxes?
Independent contractors, also known as 1099 contractors, are responsible for paying their own taxes since they are not classified as…
How to Find Your EFIN Number for Free?
The EFIN (Electronic Filing Identification Number) is a critical identifier issued by the IRS to tax professionals and businesses authorized…
What Does Carried Interest Mean for a K-1? Understanding Tax Implications for Investment Fund Participants
When discussing the intricacies of investment funds, a key topic is what does carried interest mean for a K-1? Carried…
How to Fill Out Form 8958?
Form 8958 is designed for individuals who are subject to community property laws and file separate federal income tax returns.…
Federal Income Tax Withholding for Clergy
The subject of federal income tax withholding for clergy is both complex and unique due to the dual tax status…
How to Request for Abatement?
Requesting an abatement can be an essential step for taxpayers who find themselves facing penalties or tax liabilities that feel…