Life Kit: Money

Your 2025 tax questions, answered

10 snips
Feb 25, 2025
Hana Boruchov, a tax attorney and partner at Borakov, Gabovich & Associates PC, dives into essential tax tips for the upcoming 2025 season. She discusses whether to hire an accountant or utilize software, stressing the importance of professional help for freelancers. The episode also covers how to manage tax debt and options if you can't pay your bill. Additionally, Hana provides insights on filing taxes as a remote worker and shares what to consider when choosing a tax professional.
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ADVICE

DIY vs. Accountant

  • Use tax software for simple W-2 situations and common deductions.
  • Hire an accountant for freelance work or business ownership.
ADVICE

Reporting Freelance Income

  • Report all income, even small freelance amounts without 1099s.
  • The IRS may not be aware of it initially, but it's legally required.
INSIGHT

IRS Audits

  • The IRS likely won't scrutinize small discrepancies, focusing on larger amounts.
  • Forgetting a 1099 can result in penalties waived, but you still owe taxes.
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