Now that the Tax Cuts and Jobs Act is fully in effect, let's take a look at some common tax problems you may be facing as a contractor or "gig economy" worker.
You owe federal taxes, and you also have a credit card that will pay rewards on anything you use it for. When you run the numbers, are the rewards worth the cost?
Responding to a tax notice is a decision that shouldn't be made lightly. Why? Tax liens can have an effect on a taxpayer's future, affecting credit, homes sales and overall finances. Dionne Warwick said that a million-dollar tax lien was a prominent factor in her recent decision to file for bankruptcy protection.