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Working in the Gig Economy: What you need to know about potential tax consequences

Working in the Gig Economy: What you need to know about potential tax consequences

by | 19 Mar | , , , ,

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing or gig economy.Zinner helps folks in the gig economy.jpeg

An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations and perform many other activities.

Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess – (such as cars and homes) – or services they provide – (such as household chores or technology services). read more…

Scam Alert: Fraudsters Posing as Taxpayer Advocacy Panel

Scam Alert: Fraudsters Posing as Taxpayer Advocacy Panel

by | 19 Mar | , , , , , , ,

Some taxpayers receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, trying to trick victims into providing personal and financial information.

Scam Alert written on the road.jpeg

 Do not respond or click any link. If you receive this scam, forward it to phishing@irs.gov and note that it seems to be a scam phishing for your information.

TAP is a volunteer board that advises the IRS on systemic issues affecting taxpayers. It never requests, and does not have access to, any taxpayer’s personal and financial information.
read more…

IRS Requires Taxpayers to Validate ID

IRS Requires Taxpayers to Validate ID

by | 19 Mar | , , , , ,

The IRS recently announced additional requirements for taxpayers and tax professionals to verify their identities when they call as part of security efforts.

Taxpayers and professionals should have the following documents ready when they call:

  • Social Security numbers and birth dates for those who were named on the tax return in question
  • An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a Social Security number (SSN)
  • Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate
  • The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions
  • A copy of the tax return in question
  • Any IRS letters or notices received by the taxpayer read more…
Why Your 401(K) Plan May Not Be the “End-All Be-All” For Your Retirement

Why Your 401(K) Plan May Not Be the “End-All Be-All” For Your Retirement

by | 29 Jun | , ,

Since their inception via the Revenue Act of 1978, 401(k) plans have been great tools to help workers save for retirement. While a 401(k) plan has many advantages, there are also some drawbacks to them that one should consider when creating a comprehensive retirement-strategy.Cleveland CPAs 401 k.jpeg

The advantages of a 401(k)

The basic concept of a 401(k) plan is to allow workers to make pre-tax contributions to the plan from their paychecks. As a result, money contributed is not included in their taxable income for that year.

read more…

About Us

Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.

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