The Small Business Tax Help Blog

Posts Tagged ‘independent contractor tax advice’

Question: what will happen to tax refund?

My boyfriend made 14,000 last year on a independent contractor with no withholdings, on his tax return he said that they withheld 1167. what will happen to him? will he get his tax return? i told him they might not send it, i just want him to see other advices

Answer: In about 12 to 18 months he’ll get a bill from the IRS for about $3,650 for the taxes that he actually owes plus the non-existent withholding. Tack on about an additional $1,000 or so for penalties and interest for late payment. The IRS may tack on another 20% if they want to play hardball on this one.

If he amends his return by April 15th and pays the $3,650 that should end the issue. If he doesn’t, it’s time to drop this dishonest loser.

Labour and Employment

Facing tighter budgets and historically high unemployment levels, employers have been steadily offering an increasing number of internship opportunities with their businesses.

AQT Basic Calculator M4. Printout “Personal Income” First Page.

Recession scars will linger long after economy heals

The aftershocks from deep recessions like the current one reverberate for years, even decades, and take an enduring toll on everything from government finances to countless upended individual lives. People “don’t quite get the long-lasting impact,” an economist warns.

Tax advice for Contractors Umbrella Company Tax Advice