Scott Comeaux CPA’s Post

Keep in mind some basic #IRS #tax tips for the sharing economy. https://buff.ly/3VUXIpx #HallsIRSTaxReliefServices #taxplanning #taxlevy #taxprofessional #taxreturn

Keep in mind some basic #IRS #tax tips for the sharing economy. https://buff.ly/3VUXIpx #TaxCure #TaxProfessional #taxpreparer #taxreturn #taxlaws #taxtips #businessowner #taxmaster #irs #keepitlocal #irsdontplay

Keep in mind some basic #IRS #tax tips for the sharing economy. https://buff.ly/3VUXIpx #FocusCPAGroupInc #taxprofessionals #Taxplanning #financialadvisor #cpa #taxsavings

From 1 January, HMRC has asked many popular side hustle platforms to report how much money people are making on the platform. HMRC will then pass this information on to the tax authorities. This means that authorities will have the same visibility of income for those who earn money from these digital platforms as they would a traditional business. #gigeconomy #platformeconomy #HMRC #Taxevasion #undeclaredwork International Labour Organization European Labour Authority #informaleconomy #informalsector

Estimated tax payments are like your "pay-as-you-go" method for taxes. if you're self-employed, have significant side income, or other sources of income not subject to regular withholding, making these payments is crucial! Self-Employed Individuals: If you work for yourself, no one is withholding taxes from your paychecks. To avoid a hefty tax bill come April, make estimated payments. Gig Workers: If you're in the gig economy (Uber, freelancing, etc.), estimated tax payments ensure you're paying your fair share throughout the year. Business Owners: Small business owners need to make these payments to cover income taxes on their business profits. Investors: Income from investments (like dividends or capital gains) often requires estimated tax payments to avoid underpayment penalties. Retirees: If you receive retirement income without tax withheld, making estimated payments is essential. #TaxEstimation #EstimateYourTaxes #TaxPlanning #CalculateTax #TaxPreparation #EstimatedTaxLiability #TaxProjections #FinancialPlanning #TaxSeason #IRSGuidelines #Tax #Taxtips

The gig economy - is a popular way for people to earn money by providing on-demand work, goods or services. Some people take up a side hustle on a part-time basis, and for others do it full-time. Check out the IRS’s gig economy tax tip for information on: - Taxable income - Proper worker classification - Paying the right amount of taxes throughout the year https://zurl.co/3sLc #aatrixsoftware #aatrixefile #efile #gigeconomy

𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐲𝐨𝐮𝐫 𝐭𝐚𝐱 𝐫𝐞𝐭𝐮𝐫𝐧 𝐰𝐢𝐭𝐡 𝐬𝐦𝐚𝐫𝐭 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬! Learn how to reduce taxable income through eligible work-related expenses, including uniforms, tools, business travel, etc. Whether it's direct job costs, vehicle and travel expenses, education fees, or working-from-home setups, understanding what you can claim is key. Our blog explores the essentials of tax deductions, including lesser-known areas like mobile tech write-offs and investment property breaks. Plus, stay updated on the latest rules for remote work deductions. Ready to boost your tax refund potential? Read our comprehensive guide and discover how to maximise your tax situation. For professional advice tailored to your needs, contact Clear Tax Accountants. 🌟 Explore our full guide for invaluable insights. Find the complete guide in our comments below! #taxdeductions #taxdeduction #taxdeductionschecklist #ClearTaxAccountants2024 #taxableincome #taxableincometips #ClearTax2024

Happy Weekend!!! Many Australians are now enjoying the flexibility of remote work, but there's a hidden detail to consider: tax residency. Working remotely for most of the year in a state different from your employer's location might trigger tax obligations in that state! Why does this matter? Depending on tax rates and deductions in that state, you could owe more tax than anticipated. Reach out to us and avoid surprises next time! Happy weekend!!!! #tax #taxaustralia #accounting #remote #ai #tech

Are you ready to explore the world while working as a digital nomad? It's a dream come true, but taxes can be complex. Here's how to stay tax-savvy on the go: Understand tax residency rules in your home country and the places you visit. Explore double taxation treaties to prevent paying taxes twice on the same income. Keep accurate records of your income and expenses. Discover deductions and credits available to digital nomads. Plan ahead for tax season to avoid surprises. TaxProWorld connects you with tax specialists who understand the unique challenges of the digital nomad lifestyle. Enjoy your adventure while managing your tax obligations: https://bit.ly/45NPcLf #DigitalNomad #TaxResidency #TaxStrategies #Freelancer #DoubleTaxation

I think phasing in the 1099-K gig economy payments is probably best- previously $20k, phasing in at $5k before going to the full statutory $600. There is a bigger issue here, though. The gig economy is here to stay. Gig economy workers, many of whom are from marginalized demographics, HAVE to be able to have income tax withholdings at the source, like W-2 employees. To simply say ‘they have to make quarterly estimated tax payments’ is head-in-the-sand denial. That is a set up for failure- many in this marginalized demographic have no idea what ‘quarterly estimated tax payments’ are, much less have wherewithal to manage compliance. Many live paycheck to paycheck, just like similar W-2 employees. If tax is not withheld, there is no way to catch up a quarter later, much less a year later. It is destined to a ‘behind the 8-ball from the beginning’ compliance failure, with snowballing penalties and interest, and additional collection cost to the Treasury. There is a current scheme of ‘threat of back-up withholdings,’ but is all bark and no bite. It’s almost impossible to get in place, and it’s a flat 24%- all or nothing- heavy handed for most of the gig economy workforce. Naysayers will say that the solution is to move these gig economy workers off of 1099 payments, and on to proper payrolls where they can be ‘in the system’ and in withholding compliance from the get-go. That’s great, as far as it goes. But the gig economy is here to stay and is the only resource for many in the demographic. Congress and the IRS NEED to put a withholding-at-the-source option in place for gig economy workers!