by Meher Sanjay Muppaneni, CPA, EA | Oct 20, 2026 | Uncategorized
Quick Answer: Health Savings Account (HSA) funds never expire at the end of the year, so there’s no use-it-or-lose-it deadline to beat. Your entire balance rolls over automatically on January 1 because you own the custodial account outright.Key...
by Meher Sanjay Muppaneni, CPA, EA | Oct 7, 2026 | Uncategorized
Quick Answer: To meet the October 15 deadline, pull missing tax records directly from your IRS Online Account and verify your identity using your prior-year AGI or IP PIN. Submitting your e-file before midnight locks in your official timestamp and stops late-filing...
by Meher Sanjay Muppaneni, CPA, EA | Oct 6, 2026 | Uncategorized
Quick Answer: The most frequently overlooked retirement tax traps are taxable Social Security benefits, Medicare IRMAA surcharges, and forced Required Minimum Distribution (RMD) tax pileups. These hidden costs occur when mandatory RMDs and uncoordinated...
by Meher Sanjay Muppaneni, CPA, EA | Sep 23, 2026 | Uncategorized
Quick Answer: How much do independent contractors pay in taxes? Independent contractors typically pay between 25% and 35% of their net profit in total taxes, covering federal and state income brackets alongside the mandatory 15.3% self-employment tax. Because...
by Meher Sanjay Muppaneni, CPA, EA | Sep 5, 2026 | Uncategorized
Quick Answer: You have to pay income tax on any net profit earned through PayPal, Venmo, or Cash App, regardless of whether the platform issues you an official Form 1099-K. However, the IRS only taxes true financial gain, meaning personal bill splits, gift...
