How Can I Turn My Hobby Into a Business? Maybe you see how an off-hours activity can become a profitable company. Or perhaps you have a spouse who brings in sufficient income to support both of you, and you’d...
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Staying proactive and detail-oriented can help you avoid the most common inaccuracies on your business taxes. Easily avoided mistakes are surprisingly common. These errors include providing an incorrect Social Security number, making math errors or entering the wrong bank...
The IRS’s annual “Dirty Dozen” memo lists 12 tax scams you should watch out for. The education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you’re not entitled to....
Tax Tips for Marriage Status Changes The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements...
Tax Benefits for Homeowners What tax deductions, programs and housing allowances are available to you as a homeowner? Let’s explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid,...
Tax Implications of Crowdfunding Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations or for private gifts. The contributions are...
Disaster and Taxes: Understanding Casualty Loss Marshall, North Carolina, a town of about 800 people, was more or less wiped off the map on Sept. 27, 2024, by Hurricane Helene. Residents said they had never seen the river rise...
Using the Section 179 Deduction Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and...
Preparing for the 2024 Tax Season There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the presidential candidates will affect our taxes; new legislation may be enacted...
Important Tax Tips for 2024 The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond...