CANDACE STEVENS's (numbercruncherllc) Blog

You need to reply to a letter from the IRS or mail money by a certain date.  You put the letter/money in an envelope, you seal, stamp, and label the envelope.  You drop the letter in the outgoing slot at the post office.  You made it in time...or did you?The IRS does not recognize the date that i...

1099 Employee.  What is it?  Well, there is actually no such thing as a 1099 employee. When a person works for a business they are either an employee or an independent subcontractor, period.  There is no in-between.  How do you know how you should be classified?  Let's look at the definition and ...

Tax Avoidance vs Tax Evasion.  One is a legal way to reduce your tax liability and one is not.  Let's look at each one and find out which one is legal and which is not.Tax Avoidance is using legal means to reduce your tax liability.  Tax planning and using IRS-approved tax strategies are the best...

You are planning on selling your house because you've got new adventures on the horizon. However, during the title search, you find there is a tax lien on your property from the IRS.   You are devastated as you know that property cannot be transferred to the new owner with the tax lien on it.What...

As a business owner, you are obligated to collect and remit payroll taxes for your employees. But you are not required to collect and remit payroll taxes for independent contractors.That’s why it’s important to correctly classify workers as either employees or independent contractors.But here’s t...

Now that tax season is here, there are all kinds of scams that are going on and you need to be mindful of these scams. The one in particular that I want to tell you about are tax resolution companies that promise that they can save you pennies on the dollar for the tax debt that you owe the IRS. ...

January 24th, 2020 is the start date for the 2022 tax filing season. The tax filing deadline for most people is April 18th, 2022.The IRS strongly recommends that people efile and select direct deposit for their refunds as that will delay any processing issues. Also, when you go to your preparer, ...

It is a well-known fact that the IRS assesses penalties, and those penalties SUCK! They increase the amount you, end up owing the IRS A LOT more than you started with and they make us mad!  Regardless of all this, there are good reasons for the IRS assessing penalties: Encourages taxpayers to fil...

Not all Roth IRA withdrawals are tax-free. Even worse, some can be socked with a 10 percent early withdrawal penalty tax, and this can happen even when there’s no income tax hit. Any withdrawals from any of your Roth accounts are federal-income-tax-free qualified withdrawals if you, as a Roth IRA...

Millions of American businesses hire independent contractors to perform all types of services. And millions of American workers prefer to work as contractors rather than employees. Indeed, due to the COVID-19 pandemic, it’s likely that more people than ever want the freedom that comes with being ...