11/9/2023 0 Comments File taxes forTurboTax Audit Support Guarantee – Business Returns.You are responsible for paying any additional tax liability you may owe. If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. 100% Accurate Calculations Guarantee – Business Returns.(TurboTax Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state purchase price paid. We will not represent you before the IRS or state tax authority or provide legal advice. Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2022 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax for the current 2022 tax year and, for individual, non-business returns, for the past two tax years (2021, 2020).(TurboTax Online Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid.This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount. However, the IRS recently delayed the implementation of the new $600 reporting threshold for goods and service transactions from third party processors like Venmo and Paypal to 2023, reverting tax year 2022 back to the previously higher 1099-K reporting threshold (over $20,000 in payments and more than 200 transactions). The IRS planned to implement changes to the 1099-K reporting requirement for the 2022 tax year. Payers will also send these forms to the IRS to report your income. If you receive payments through online payment services such as PayPal, you might receive a 1099-K. As a freelancer, you're likely to get numerous 1099-NEC forms, (1099-MISC in prior years) one from each of your clients. Keeping track of all your income can be more difficult than if you were a traditional employee, in which case you'd get a single W-2 form for reporting purposes. If you're like many freelancers, you have many sources of income. Your first step as a freelancer is to gather and report all sources of your income.
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