What’s 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 …
Refunds are Taking Longer than Usual to Process this Year. Time is Running Out to File Your Return!
Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. The IRS is understaffed …
Do You Own a Rental Property? Avoid these Common Mistakes and Keep More of Your Money!
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the …
Remember – Gig Economy Earnings from Apps and Other Employers and Cryptocurrency Gains are Taxable!
Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig economy is activity where people earn income …
Taxpayers Can Now Sign Up for an IRS Online Account Without Submitting Biometric Data
An important update from IRS.gov: “The IRS announced today that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts …
File Your 2021 Tax Return as Soon as Possible to Take Advantage of Credits from the American Rescue Plan!
This year many filers can take advantage of unique tax benefits included in the American Rescue Plan and other recent legislation. Often, individuals and families can get these expanded tax benefits, …
W-2 and Other Wage Statements Must be Filed by January 31st!
All employers need to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS …
Tax Filing Season Begins on January 24th! Don’t Wait Until the Last Minute – Get Ready Today!
The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. …
Didn’t Receive an Economic Impact Payment in 2021? Watch Out for a Letter from the IRS that Can Help You Claim It!
The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are …
Did You or Your Employer Defer Social Security Taxes in 2020? Half of the Deferred Amount is Due on January 3, 2022!
The IRS reminds employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022. Most …