Life Kit Your 2025 tax questions, answered
47 snips
Feb 25, 2025 
Hana Boruchov, a seasoned tax attorney at Borakov Gabovich & Associates PC, shares her insights on navigating the 2025 tax season. She discusses the pros and cons of hiring an accountant versus DIY tax software. Hana offers invaluable tips for freelancers about W-2 and 1099 reporting, while also addressing the complexities of state taxes for remote workers. Listeners learn about handling tax debt and the importance of professional assistance, ensuring they are well-equipped to tackle their tax obligations with confidence.
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DIY vs. Accountant
- Use tax software for simple situations like W-2s and common deductions.
- Consider an accountant for freelancing, self-employment, or complex situations.
Report All Income
- Report all income, even small freelance amounts without 1099s.
- Not reporting might avoid immediate IRS notice but risks penalties during audits.
Penalty for Underreporting
- Leo Gabovich has seen taxpayers penalized for missing small amounts like $1,500.
- The IRS often waives penalties for genuine mistakes if taxpayers provide a legitimate explanation.