With technology developing more and more every year, it seems like we should have a dozen different ways to access our information. In this article, the WSJ reveals that this isn’t true when it comes to the IRS. The IRS has had problems with its system that verifies whether or not you are who you say you are. Thus, they have turned to a private company, ID.me, that will verify your identity prior to letting you see your tax documents. Their services come cheap it seems, and some fear their private information is the cost.

Consulting, freelancing, starting a side business, there’s a lot of talk about flashy terms like these nowadays. This week’s article from Forbes Advisor gets a little more into the weeds, offering a detailed look into the sole proprietorship, one of the simplest business entities you can form. It goes over the definition, tax benefits, and risks of a Sole Proprietor. No matter what type of business you are involved in, always know the taxes involved.

Enjoy the Holidays!

We are going to take a break from our tax and business tips this week. Instead, the family of Bradstreet & Company would like to wish you and your family the most joyous holiday season and best wishes for 2023.

I’m sure many of you have heard that the IRS has received $80 billion in funding. There’s been a lot of talk about what that means, with some saying that there will be over 80,000 new agents with guns and that there’s going to be a lot of audits. This informative article from The Wall Street Journal lays out what exactly is going to change and provides helpful context. We just hope it means they’ll finally start answering our phone calls without having to hold for 3 hours.

Welcome to the tax jungle, independent contractors! In this week’s tax tip we offer you a survival guide against the most dangerous of predators, the IRS. This article, provided by Forbes Advisor, instructs how to calculate the federal taxes you may be dealing with, including: self employment tax and income tax, and all the essentials you need to survive next tax season.

Many of our readers already know that the Federal Reserve has increased its rates. However, many do not know how exactly these rates affect their credit, payments, and more. Luckily, the Dayton Daily News has this article that is written to inform us of exactly that. This article shows the importance of being up to date on the current actions of the Fed for the very reasons that it lists.