Is Your Money-Losing Activity a Hobby or a Business?
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will […]
Why Am I Being Audited and How Does the IRS Conduct Them?
As appearing at the IRS web page entitled “IRS Audits”.
An IRS audit is a review/examination of an organization’s […]
Unlock Your Child’s Potential by Investing in a 529 Plan
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as §529 plans. These plans, named for the […]
Can Homeowners Deduct Seller-Paid Points as the Real Estate Market Improves?
The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent […]
Make Year-End Tax Planning Moves Before It’s Too Late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.
Is Your Home Office a Tax Haven? Here are the Rules for Deductions
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for […]
The $7,500 Federal Tax Credit for Buying an Electric Vehicle at a Glance
Electric vehicles (EVs) have become increasingly popular. According to Kelly Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, […]
6 Tax-Free Income Opportunities
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without […]
Are You Liable for Two Additional Taxes on Your Income?
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare […]
Working Remotely May Be Convenient, But May Also Have Tax Consequences
Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and […]
