Tax returns have long been an important part of the mortgage underwriting process, particularly for self-employed borrowers which the mortgage industry generally determines to be anyone with a 25% or greater ownership in a business. This is one of the first items an underwriter will look for on the respective form or schedule (for example,…
If you start a business, one key to success is to know about your federal tax obligations. Here are five basic tax tips that can help get your business off to a good start. Business Structure. As you start out, you’ll need to choose the structure of your business. You’ll report your business activity using…
Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. Is it…
The IRS continues to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. ”Taxpayers should remember their first contact with the IRS will not be a call, but through official correspondence sent through the mail. A big red flag for these scams are angry, threatening…