Independent contractors pay a 15.3% self-employment tax plus federal income tax on net profit. This guide covers quarterly estimated payment deadlines, every major Schedule C deduction, and year-round bookkeeping habits to minimize what you owe.
The Inflation Reduction Act doubled the R&D payroll tax credit for qualifying startups to $500,000, expanded commercial clean energy credits, and boosted IRS enforcement funding—here's what each provision means for your small business tax strategy in 2025 and 2026.
Innocent spouse relief lets you escape IRS liability for a spouse's tax errors on a jointly filed return — but only ~18% of applicants are approved. Learn the three relief types, eligibility rules, and how to file Form 8857 correctly.
An accountable plan lets businesses reimburse employee expenses tax-free and exempt from payroll taxes—saving employers roughly $382 per $5,000 in expenses. This guide covers the three IRS requirements, step-by-step setup, and common compliance mistakes to avoid.
Fewer than 0.5% of returns are audited each year, but unreported income, consecutive business losses, and disproportionate Schedule C deductions can dramatically raise your odds. Here are the 10 most common IRS audit triggers—and how to keep your records audit-ready.
IRS Notice CP504 is a formal Notice of Intent to Levy — learn what triggers it, where it falls in the IRS collection sequence, and six actionable options to resolve your tax debt before the 30-day deadline passes.
IRS Form 1098 reports your mortgage interest paid and is the key document for claiming the mortgage interest deduction on Schedule A. Covers every box on the form, 2026 deduction limits, the expanded SALT cap, and step-by-step filing instructions.
Filing IRS Form 2553 by the March deadline lets profitable small businesses and LLCs elect S-corp status, potentially saving over $12,000 annually by shielding distributions from the 15.3% self-employment tax.
IRS Form 2848 grants a limited power of attorney for federal tax matters, letting you designate a qualified CPA, attorney, or enrolled agent to handle IRS communications, audits, and collection negotiations on your behalf.
IRS Form 3520 is an informational return required for U.S. taxpayers who receive foreign gifts over $100,000, own foreign trusts, or have transactions with foreign trusts — penalties start at $10,000 or 35% of the unreported amount.
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