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The IRS audited 0.3% of individual returns for TY2021 — about 1 in 300. Real 2026 audit odds by income and return type, and why most audits are just letters.
Every foreign-owned single-member US LLC must file Form 5472 with a pro-forma 1120 by April 15, even with zero income. Missing it costs $25,000, automatically.
Yes: you can own a US LLC with no SSN, visa, or US address. Wyoming vs Delaware vs New Mexico fees, EIN by fax, banking, and the $25,000 Form 5472 trap.
COGS = beginning inventory + purchases − ending inventory. 2026 guide for eBay, Etsy, and Amazon sellers with a worked example and Schedule C lines 35–42.
Indiana estimated tax payments 2026: due Apr 15, Jun 15, Sep 15, Jan 15 if you'll owe $1,000+. New 2.95% flat rate, county tax, ES-40, INTIME, 10% penalty.
1099-NEC is for contractor pay, 1099-MISC for rent, prizes, and attorney proceeds. The threshold rises from $600 to $2,000 for 2026 payments filed in 2027.
A journal entry records one transaction as equal debits and credits. Learn the 5 parts every entry needs, the debit-credit table, and 10 worked examples.
California estimated taxes follow a 30/40/0/30 schedule in 2026: 30% Apr 15, 40% Jun 15, 0% Sep 15, 30% Jan 15. Thresholds, safe harbors, and penalty math.
TaxDome vs Canopy for accounting firms in 2026: current pricing from both vendors, portals, document collection, tax resolution, AI, and the job neither one does.
16.5 million Americans were self-employed in June 2026 per BLS data. Full 2026 numbers: 31.1M Schedule C returns, 30.4M nonemployer firms, trends by industry.
Facebook Marketplace reports to the IRS only for checkout sales above $20,000 AND 200+ transactions. Local cash sales never generate a 1099-K from Meta.
Texas has no state income tax, but 2026 deadlines remain: May 15 franchise tax ($2.65M threshold), Aug 17 and Nov 16 extensions, sales tax, federal dates.
Form 843 asks the IRS to remove penalties that run 5% a month. First-time abatement checklist, reasonable-cause grounds, sample wording, and the 30-day appeal.
Client portals for accountants compared with the adoption numbers vendors publish: TaxDome, Canopy, Liscio, SmartVault, Content Snare, plus the step no portal automates.
Set aside 25–30% of net 1099 income for 2026 taxes. Exact federal percentages at $30k, $60k, $100k and $150k, state add-ons, and when the rule fails.
Form 2848 gives full IRS representation; Form 8821 only shares your tax info. Filing by fax, mail, or online, the 120-day rule, and CAF numbers explained.
An S corp is a tax election, not a business type. Learn how it works in 2026, the self-employment tax it saves, and the income where it pays off.
CPA, tax preparer, or bookkeeper? Learn what each one does, their IRS rights, and typical 2026 costs, so you hire the right help for your business.
What a CPA really costs in 2026: hourly rates, individual and business return fees, bookkeeping retainers, plus how to lower your bill with clean books.
The best accounting software for freelancers in 2026, compared by price, tax features, and who each tool fits. Wave, FreshBooks, Found, QuickBooks, and AI-first options.
Outsourced bookkeeping runs $150-$2,000+ a month in 2026. See real price tiers, every model compared, and how to choose without overpaying.
QuickBooks raised prices again in 2026. Here are 7 QuickBooks alternatives for small business compared by price, features, and who each one is best for.
Every 2026 tax deduction a private-practice therapist can claim — office, EHR, supervision, CEUs, malpractice, retirement — with a worked Schedule C example.
Every tax deduction an independent consultant can claim in 2026 — home office, travel, software, retirement, QBI — with a full worked example and IRS sources.
Every tax deduction a self-employed cleaner can claim in 2026, from supplies and mileage to bonding and subcontractors, with a worked Schedule C example.
A 2026 guide to tax deductions for self-employed personal trainers and fitness coaches: certifications, insurance, gym rent, mileage, and the gym-membership rule.
Booth renters and independent stylists are self-employed. Here are the 2026 tax write-offs that lower your Schedule C profit and your self-employment tax.
Etsy seller taxes explained for 2026: the 1099-K threshold, hobby vs. business, sales tax, every deduction you can claim, and whether you need an LLC.
How Airbnb hosts report income and claim deductions in 2026. The 14-day rule, Schedule C vs Schedule E, the 1099-K threshold, and a worked example.
Streaming income is taxable in 2026 even without a 1099. Learn what Twitch streamers owe, which forms to expect, and how to deduct gear, games, and your home setup.
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