Getting paid under the table can feel like a win-win situation. After all, with no record of your income, you’re not responsible for paying taxes on it—and neither is your employer—right? The problem is, somebody is losing in this situation:…
The IRS will issue most refunds in less than 21 calendar days. Even though the IRS will issue most refunds in less than 21 days, it’s possible that your refund has been delayed because it is stuck in processing. There…
An IRS tax return transcript shows most line items including your adjusted gross income from an original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. Your tax transcript is only available for the…
The first way to avoid a penalty here, of course, is to ask for permission rather than forgiveness—if you know you are going to need extra time to file for your returns, file for an extension before tax day using Form 4858 if you’re filing as a sole proprietor or Form 7004 if you’re operating as a corporation. While you’ll still need to pay what you expect your tax to be by tax day, this grants you extra time to get your affairs in order to file.
The IRS telephone number is 1-800-829-1040, and they are available from 7 a.m. – 7 p.m. Monday thru Friday. The best time to call is early in the morning. Once you’ve set your language, do NOT choose Option 1 (regarding refund info). Choose option 2 for Personal Income Tax instead. Next, press 1 for form, tax history, or payment. Next, press 3 for all other questions. Next, press 2 for all other questions. When the system asks you to enter your SSN or EIN to access your account information, do NOT enter anything. Finally, press 2 for personal or individual tax questions. The system should then transfer you to an agent.
The IRS will not call you if you owe taxes without first sending you a notice in the mail.
There is a common misconception that I’ve seen on the internet that says if you make under $600 (contracting, freelancing, etc.) – you do not need to report it to the IRS. This is false, there is no minimum amount…
