Seattle Tax Attorney Represent client with Contract or Gig Income Tax Problems
One of the unique changes from the great recession is the advent of the”sharing economy” and emergence of the the “Gig” worker. If you drive for Uber or Lyft, or if you rent out your home to various vacationers through Airbnb or VRBO, you are earning a “gig income.” Likewise, if you are a part-time musician or a photographer, for example, you are also earning “gig income” and may find this page informative. The “gig income” you earn is taxable income.
Many taxpayers who earn a little extra income every month may find themselves owing a large amount of taxes at the end of the year. If you have not been making any estimated tax payments and you cannot afford to pay the tax in full when it is due, the IRS will collect the taxes from you by all means at its disposal. A skilled tax attorney can help you by making certain that your rights are protected and that, if you qualify for a settlement, you pay the lowest possible tax settlement amount to the IRS. If a settlement is impossible, an installment agreement can be negotiated, provided all the required conditions are met.
Gig Audit Strategy
The tax law firm of Lana Kurilova Rich PLLC can help you establish a Gig income strategy so that, if you are audited, you can be confident that you will win. Our tax attorney, who is knowledgeable on all the latest relevant regulations, will review your employment agreement (if one exists), help you organize your records, and develop your best defense against expensive and painful penalties, which are assessed if your return is found to be substantially inaccurate. Our tax attorney can also consult you on the types of records and documents you should keep and preserve in connection with your gig business as the tax year is progressing. It may be difficult or impossible to gather the records you did not know you had to keep, so it is much more beneficial to learn in advance how you should organize the records than to try to gather them after you receive an audit notice.
If you are facing a large tax bill, or you have an IRS audit, contact the Bellevue based tax law firm of Lana Kurilova Rich PLLC (425) 289-0629. Our tax attorney will defend your rights against the IRS and fight for the best possible outcome..
