What's the difference between a hobby and a business? According to the IRS, it is whether or not you are trying to make a profit. If you are not trying to make a profit and just want to write off the cost of your hobby, then you are subject to the "hobby loss rules."
I regularly get questions about whether or not to file 1099s. They are often surprised that more vendors and contractors need 1099s than they think. The list goes well beyond a freelancer you hire or a subcontractor you use.
If you are divorced or separated your legal documents might have you either pay alimony to or receive alimony from your ex-spouse.
For a select few, I will work with you to see where you are so far this year, and help you create a budget road map to get you on track for where you want to be by December 31.
Every year each individual is allowed to give an unlimited number of tax-free gifts.
I recently made a presentation to financial industry professionals regarding tax issues for Estate & Trusts gifts. Here is a movie of the slideshow presentation. Have questions? Feel free to contact me!
Can’t find your copy of an old tax return? Not sure that you received all your 1099s or other tax forms this year? You can get the information from the IRS by requesting transcripts or copies of tax returns.
What is the best way to keep the Feds hands out of your Swiss bank account?
Section 179 deductions are the tax magic that let you fully deduct capital assets in the year your purchase them.
Section 179 has a number of rules that must be followed to take advantage of it.
If you use your car for your business your CPA has probably told you to track your mileage. The reason is that there is two ways to calculate the auto-related costs for your car- actual expenses and standard mileage rate- and both rely on knowing the number of business miles you drove for the year.
It is almost summer, and many people will be thinking about traveling. If you plan it right, you might even be able to deduct a good part of your trip.
Vacation homes have advantages in the tax code, because you can often treat them either as a home or a real estate investment, both of which have advantages.
Scenario- you filed your tax return, and it turns out you owe money—way more money than you thought. And you can't afford to pay it all at once. What do you do?
It’s a week before Tax Day! At this point, if you haven’t gotten your information to your CPA yet, you should probably go on extension.
