All You Need To Know About Self-Employment Tax

About Self-Employment Tax

The federal government, in 1935, passed the Federal Insurance Contribution Act (FICA), which established taxes to help fund Medicare and Social Security. The FICA tax is 15.3 percent, paid by employees and employers, who split the burden into half each by paying 7.65 percent. In 1954, the government passed a Self-Employed Contributions Act (SECA) to ensure that freelancers contribute towards Social Security and Medicare. The act established that these individuals would pay the whole 15.3 percent without any other party splitting the burden. This tax is known as the SECA or self-employment tax. Although this difference might seem significant, individuals

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Simple Financial Adjustments to Help You Get Through The COVID-19 Crisis

Deal with Your Finances During the COVID-19 Crisis

The COVID-19 crisis has seen everyone getting back to the basics. While the crisis continues to squeeze many in terms of finances, everyone has more than enough time on their hands to learn to DIY a variety of things as a way to save expenses and set-aside an emergency budget. The best way to survive the crisis and emerge unscathed is to invest more time into shoring up your finances. The Law Offices of Nick Nemeth stand ready to help you with IRS problems pertaining to issues such as IRS appeals and IRS tax investigations. Let’s look at some simple

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Answering Frequently Asked Questions about the Coronavirus Relief Law (CARES Act)

FAQs about CARES Act

In light of the economic impact of the COVID-19 pandemic on individuals and businesses, the US government is offering monetary support through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. The government is providing ‘Economic Impact Payments’ to American workers to support them through the current financial turbulence. Maximize your chances of receiving the stimulus payments by filing all unfiled tax returns and seeking help with any ongoing IRS tax problems. Continuing on the subject, in this blog post, we answer a few frequently asked questions about the Coronavirus Relief Law (CARES Act). Read on. Related Blog:

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Relaxed E-Filing Rules – How to Keep Your Data Safe

3 important tips to help you file your taxes online safely

The Coronavirus COVID-19 pandemic has forced a better part of the world to work from home. The workforce of the IRS is also largely working from home, as a result of which revised tax filing guidelines have been released in recent times. The IRS is now going to accept e-signatures and is processing tax filings and related documents online. That being said, sending sensitive tax information through email poses certain risks. It is, therefore, essential that you stay informed on how to send your data securely to the IRS and ensure that it stays protected. Continuing on the subject, in

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Important Info for Taxpayers During Covid-19 Crisis – Filing Date & Economic Impact Payments

Coronavirus Tax Updates

The global COVID-19 pandemic is affecting the economies of almost all countries including the United States. The IRS understands the impact of the global crisis on individuals and companies which is why it is helping taxpayers with different tax issues to get over these hard times. If you are facing tax issues and looking for IRS tax relief, it is advisable to consult an IRS tax attorney. The Treasury and IRS are working closely with the government to provide relief to the American people. Continuing on the topic, in this blog post, we present some important info for taxpayers during

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Basic Guide to File Your Tax Returns

Guidelines for file your tax returns

Most people will agree that there are few things quite as scary as getting into trouble with the IRS. Many taxpayers get into trouble for committing simple and avoidable mistakes on their tax returns. With some care and the right knowledge, you can avoid making mistakes on your tax returns that can come back to haunt you in the future. In today’s post, we’ll share some useful guidelines to help you file your tax returns. When Possible, File Electronically To guarantee the highest level of accuracy on your return, it is recommended to file electronically. The system used for filing

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Answering Commonly Asked Questions about IRS Penalty Abatement

FAQs about IRS Penalty Abatement

A penalty abatement is a request made to the IRS to either terminate or reduce a tax penalty. Such an abatement is applicable only if you have made an effort to comply with the IRS in the past but couldn’t pay due to circumstances beyond your control. A penalty abatement is commonly requested in cases such as when you want to reverse penalties for failing to file or pay taxes. Continuing on the topic, in this blog post, we answer some commonly asked questions about IRS penalty abatement. Take a look. What is a reasonable cause letter for IRS penalty

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3 Common IRS Tax Problems for 2020

common mistakes to avoid when filing your tax return

Little or no knowledge is one of the primary reasons why tax filing is a stressful task for many taxpayers. A survey by the National Endowment for Financial Education shows that 58 percent of US taxpayers are worried about tax filing issues. While you can always take the help of an IRS tax law attorney at the Law Offices of Nick Nemeth, it is advisable to know about the common mistakes to avoid when filing your tax return, which we will discuss in this blog post. Read on. 1. The Individual Mandate Penalty The changes made to the Tax Code

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A Guide To COVID-19 Stimulus Checks

COVID-19 Stimulus Checks

The shutdown and social distancing due to the COVID-19 outbreak are taking a toll on all sectors of the economy and the lives of most individuals. It has become difficult for many to sustain themselves and their families during this lockdown period, a situation that has seen more than 16 million Americans registering for unemployment. The IRS has stepped in with Coronavirus Aid, better known as COVID-19 Stimulus Checks under the Relief and Economic Security (CARES) Act to give financial relief to the majority of Americans. In this post, we share a guide for getting COVID-19 Stimulus Checks. Read on.

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A Closer Look at Offer in Compromise: The IRS Debt Relief Program

Understanding an Offer in Compromise

IRS debt can be a stressful problem to handle for anyone especially if you are struggling financially. The IRS might have a reputation for being ruthless, but the government agency is not blind to the difficult circumstances taxpayers sometimes face. For this reason, the IRS is open to providing IRS debt relief for those that genuinely need aid to avoid extreme hardships. One of the available IRS debt relief options is an Offer In Compromise. An OIC involves debt forgiveness, allowing taxpayers to settle their debt by paying a lesser amount than what is owed. To learn more about the

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