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 …
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 …
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 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 …
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 …
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 …
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, …
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 …
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. …
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 …
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 …