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.

Cut Taxes with Lifetime Giving

retired aged couple

If you want certain individuals to receive property from your estate, there may be advantages to making those gifts while you are still alive.

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.

Proposed Tax Legislation

capitol building and money

The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.

Business, Medical, and Moving Mileage Increases for Final Six Months of 2022

car and calculator

The business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per mile, for the final six months of 2022, the IRS recently announced. The previous rates of 58.5 cents for business mileage and 18.0 cents for medical and moving mileage still apply for the first six months of 2022.

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.