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College students and taxes: Avoid this common mistake

College students are making the most of the gig economy. The ability to sell stuff on Etsy or E-bay or make some extra cash using their vehicle with Uber or Lyft. Although these side gigs can result in some serious side income, they also can make tax obligations more difficult to navigate. Here are three reasons why: classification, withholding and different tax forms.

IRS changes rules for tax penalties

The Internal Revenue Service (IRS) recently expanded the penalty relief for taxpayers who owe taxes for the 2018 tax year. In the past, the agency would charge a penalty on taxpayers who failed to pay at least 90 percent of their tax obligation during the tax year. Employers generally take these tax payments as withholdings from the taxpayers’ paychecks paid directly to the IRS.

IRS reminder: Overdue tax bill can lead to passport issues

The Internal Revenue Service (IRS) has a number of tools it can use to demand tax payment from taxpayers. Those who fail to make their payments can face additional fees and have the government take the money directly from their paycheck through levies. Another tool available to the IRS: they can limit your ability to travel.

New tax law takes a bite out of Cyber Monday

This time of year, Black Friday and Cyber Monday are in serious competition for retail shoppers. In the past, Cyber Monday has had one distinct advantage over Black Friday: a lower tax bill. Cyber Monday shoppers could often take advantage of a final bill that did not include state sales taxes.

Too little withholding can lead to big tax bill in 2019

The Internal Revenue Service (IRS) has released another publication calling taxpayers to review their withholding status. The tip is a good one for taxpayers throughout the country. A failure to properly adjust one’s withholding status can result in a big tax surprise when filing one’s 2018 tax returns.

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