Tax Tips: Important steps for future business owners - Choose a tax year
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
Calendar year: 12 consecutive months beginning January 1 and ending December 31.
Fiscal year: 12 consecutive months ending on the last day of any month except December.
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🌍⚽️ Calling all foreign participants in the 2026 FIFA World Cup! Are you ready to score big on the field AND in your tax game? 🏆💰
As you gear up for the excitement, don’t forget about your U.S. tax obligations! Whether you're an athlete, coach, or media pro, understanding the tax rules can help you avoid unexpected penalties. Here’s your quick playbook:
1️⃣ Know Your Status: Are you an employee or an independent contractor? This affects how your income is taxed!
2️⃣ Tax Treaties: Check if your country has a tax treaty with the U.S. to potentially reduce your tax rate.
3️⃣ Filing Requirements: Even if taxes are withheld, you might still need to file a U.S. tax return. Don’t miss out on potential refunds!
4️⃣ State Taxes: Each state has its own rules, so be sure to review them for where you’ll be performing.
Planning ahead is key! For more details, check out our full guide on navigating U.S. taxes during the World Cup. Let’s make this tournament a win-win!
👉 ow.ly/Etsp50ZblaP
#FIFAWorldCup2026 #TaxTips #TaxpayerAdvocate #YourVoiceAtIRS
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Did you know that some summer activities can affect your taxes? Check out the latest #IRS tax tip where we explain how things like day camps, getting married, having a seasonal job and even traveling for business can affect your tax filing.
Get the latest information at ow.ly/zhNI50Z7Lwm.
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