Educator expense deduction can help offset out-of-pocket classroom costs
The educator expense deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. According to the IRS, they can claim this…
Is your side hustle a hobby or a business?
Hobbies and businesses are treated differently when it comes to filing taxes. According to the IRS the biggest difference between the two is that businesses operate to make a profit…
Builders of new energy efficient homes may qualify for an expanded tax credit
Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit…
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…
An overview of the credit for other dependents
Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or,…
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…
