• If your income involves more than a single W-2, relying on a once-a-year trip to a tax preparer or DIY tax software is likely insufficient for accurate filing • Today, more than one-third of Americans earn extra money through side hustles, investment income, real estate or selling stocks or crypto • This complex income demands ongoing tax planning to proactively reduce your tax liability and keep more of what you earn • The critical mistake for those with complex income is poor recordkeeping, which can lead to trouble with the IRS • Filing inaccurately might also mean missing deductions that could lower your tax bill or lead to a refund • For example, business owners with pass-through entities who fail to file, assuming they made no money, can face failure-to-file penalties that run into thousands of dollars and continue to accrue, according to Joel Salas at Elevated Tax Strategies and an expert at JustAnswer

Article Summaries:

  • If your income involves more than a single W-2, relying on a once-a-year trip to a tax preparer or DIY tax software is likely insufficient for accurate filing. Today, more than one-third of Americans earn extra money through side hustles, investment income, real estate or selling stocks or crypto. This complex income demands ongoing tax planning to proactively reduce your tax liability and keep more of what you earn. The critical mistake for those with complex income is poor recordkeeping, which can lead to trouble with the IRS. Filing inaccurately might also mean missing deductions that could

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