What Is the Substantial Understatement Penalty?
Paying taxes can be a stressful experience. It’s sometimes hard to understand how much you owe, and it’s easy to lose track of deadlines. But if you don’t pay enough tax, there’s a risk the IRS could fine you for a “substantial understatement”. These fines can have serious consequences for you, your business, and your […]
Read MoreFAQs: Paying Taxes
Here, you will find the most commonly asked questions about paying taxes. Do You Pay Taxes on Unemployment? In the years before the Covid-19 pandemic, almost all types of unemployment compensation were taxable. In general, the IRS considers unemployment compensation as income, so it taxes it accordingly. Passed in March 2021, the ARP (American Rescue […]
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