In today’s inflationary times and a down stock market, people are looking for side jobs as another source of income. But avoid some of the nasty surprises by planning ahead for additional income taxes, a possible increase in your Medicare premiums, or a reduction in your Social Security benefits.

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.

We all know one or more elders that have been preyed on in one fashion or another. It happens all the time. Some attorneys even specialize in defending their elderly clientele against these predators, who come in all shapes and sizes. Sometimes, a predator is a stranger who becomes embedded in the senior’s life in the form of “a new caregiver, a friend, a romantic interest or even as a financial adviser.”

We all complain about the crazy and sometimes foolish behavior of the Internal Revenue Service. But, other taxing entities such as states, school districts and municipalities can be just as bad. These other taxing entities have no qualms in spending $100 to collect $10 in extra taxes. They are also quick to charge interest and penalties on anything and everything.

Research suggests there are certain rules to follow. Among them: Don’t be too cute. There is so much to do before you start your own company. You have to develop a business plan. You have to find financing. Oh, and you have to give it a name.

One hears much about the federal income tax credit available for rehabilitation of historical structures. Fewer know that Ohio also has such a credit. The federal and state credits may help finance the rehab of historic structures.