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If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This...

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby as an activity...

October 10 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals – If you have an automatic 6-month extension to file your income tax return for 2013, file Form 1040, 1040A,...

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date,...

September 10 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 15 Individuals – Make a payment of your 2014 estimated tax if you are not paying your income tax for the year...

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file...

Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today’s competitive environment. Besides helping employees save for the future, however, instituting a retirement plan can provide you, as...

According to a 2014 study published by the Federal Reserve Bank of San Francisco, researchers found that over a lifetime, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate–even after taking into consideration the cost of college tuition and the four...

August 11 Employees Who Work for Tips – If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2014. This due date applies only...

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based businesspeople. And, with technological advances in smartphones,...

Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another...

July 10 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. Employers –...