When the IRS sends you a Form 4564 IDR, it does not necessarily mean you are automatically facing a penalty. What it does mean is that the IRS is looking into your tax return and wants to receive more information…
Yes, if your side gig qualifies as a genuine business (with a profit motive) and meets both federal and New York State rules for deducting losses. That means you must show that your expenses directly relate to an active, profit-seeking…
Have you heard that the IRS might take away your passport if you owe taxes? This idea can sound scary, especially if you love to travel or need to go abroad for work or family matters. But is it true?…