Turning Your Hobby Into a Business

Turn Your Hobby Into a Business

Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong.

Income the IRS Can’t Touch

Uncle Sam and Piggy Bank

Wouldn’t it be nice to have a source of nontaxable income? Listed here are several income items that the IRS does not tax.

A Tax Nightmare on Your Horizon

scared lady

A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.

You’re Getting Audited – Here’s What to Do

Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]

A Tax Refund for You or an Interest-Free Loan for the IRS?

Millions of taxpayers receive refunds each year. Will you be among them? Most of us will happily accept our tax refund checks, because we can usually use the money. However, it’s important to understand that refunds actually cost you money. Here’s why: * The government pays no interest on refunds. Kept in your hands, those […]