Here’s how to tell the difference between a hobby and a business for tax purposes
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making…
Why it may take longer than 21 days for some taxpayers to receive their federal refund
The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may…
Taxpayers must report tip money as income on their tax return
For those working in the service industry, tips are often a vital part of their income. Like most forms of income, tips are taxable. Therefore, it’s also vital that people…
Tips to help taxpayers reduce tax-time stress
Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these…
Why taxpayers should have their tax refund direct deposited
As the 2022 filing season begins, taxpayers are encouraged to file electronically when they are ready and choose direct deposit to get their refund. Direct deposit is the safest and most convenient way…
How small business owners can deduct their home office from their taxes
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use…
Understanding the adoption tax credit
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption….
Taxpayers must report gig economy earnings when filing taxes
Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated…
Get ready for taxes: Here’s what’s new and what to consider when filing in 2022
It is important to be informed about topics related to filing your federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and…
2021 Year-End Tax Planning for Businesses
As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations…