Which Form to Report Income—W-2 or 1099-NEC? The difference between these forms is straightforward: Key Differences: Updates to Reporting Nonemployee Compensation Since Tax Year 2020, you must use Form 1099-NEC, Nonemployee Compensation, to report payments of nonemployee compensation (NEC) previously reported in box 7 on Form 1099-MISC,” said Daniel Ahart, chief tax officer at the tax… [Read More]

The deadline for most retirement contributions for the tax year 2024 is April 15, 2025 However, if you have a Simplified Employee Pension (SEP) IRA or a solo 401(k), the deadline for making contributions for the year 2024 is the tax filing deadline, including extensions, which is typically October 15, 2025. It’s important to note… [Read More]

As the tax season approaches, it’s natural to wonder when you’re officially ready to sit down and prepare your tax return. The truth is, readiness begins with preparation. Whether you’re filing as an individual, a family, or a business owner, having the right documents at hand is key to ensuring a smooth and stress-free tax… [Read More]

Failure to report your crypto gains and losses can result in penalties, interest, or even legal action from the IRS. The agency has been increasingly active in tracking crypto transactions, partnering with exchanges and issuing notices to taxpayers. Do I Need to Report Crypto Losses? Yes! Reporting your crypto losses is just as important as reporting gains…. [Read More]

Crypto Capital Gains and Losses As cryptocurrencies continue to grow in popularity, so do questions about how these digital assets are taxed. If you’ve been trading, investing, or earning income in crypto, it’s important to understand your tax obligations for the 2024 tax year. Do I Need to Report My Crypto Transactions? Yes. The IRS… [Read More]

Gig economy workers, who often work as independent contractors or freelancers, may face certain common tax problems. As explained on this previous blog, there are tax considerations when it comes to a side hustle. Here are some of the most common tax issues that gig economy workers may encounter: Read also: “How Do You Report Income… [Read More]

There are several different types of retirement accounts available in the United States, each with its own unique features and tax benefits. There are several different types of retirement accounts available in the United States, each with its own unique features and benefits. Here are some of the key differences between the most common types… [Read More]

How Daniel Ahart Tax Service Can Help You Fix Your Back Taxes and Settle Are back taxes weighing heavily on your mind? Dealing with tax debt can be stressful and overwhelming, but with the right guidance and expertise, you can resolve these issues and move forward with confidence. At Daniel Ahart Tax Service, we position you to… [Read More]

At Daniel Ahart Tax Service, we position you to minimize today’s tax impact and mitigate future tax impacts. At Daniel Ahart Tax Service, we help you with your personal and business tax needs all year round, whether you need to start a new corporation in the state of Georgia, help you choose what corporation type may be right… [Read More]

Even if you File an Extension, You Must Still Pay Your Income Tax in Full by the Tax Deadline Need more time to prepare your federal tax return? Traditionally, federal tax returns are due on April 15 or the first business day thereafter. However, the IRS does grant you an automatic extension to file your taxes… [Read More]

What taxpayers should do if they get a letter or notice from the IRS Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact the IRS. Note: As explained on the IRS website,… [Read More]

Crypto Taxes: Tax Reporting Requirements Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world… [Read More]