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Year-round tax planning: All taxpayers should understand eligibility for credits and deductions

Tax credits and deductions can help lower the amount of tax owed.   It is important to begin planning now to take advantage of the credits and deductions they are eligible for when you file your 2022 federal income tax return next year. Here are a few facts that can help

Here’s what businesses need to know about the enhanced business meal deduction

Businesses should begin planning now to take advantage of tax benefits available to them when filing its 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is

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 a profit. Many people engage in hobby activities that turn into a source of income. However, determining if that hobby

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 take longer to process. Things that can delay a refund: The return has errors, is incomplete or is affected by identity