Turning 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.
Seeing Inside the Mind of the IRS
While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion.
Income the IRS Can’t Touch
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
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.
1099-K – Understanding Your Special K’s
The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns
Virtual Currency – Every Bit Counts
Virtual currencies like Bitcoin are classified as property. The IRS is aware of the growing popularity of this medium of exchange
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 […]