Turning Your Hobby Into a Business | Weekly Tax Tip

Turning Your Hobby Into a Business | Weekly Tax Tip

You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can also create a big tax headache if you do it wrong. One of the main benefits of turning your hobby...
Understanding Tax Terms: Wash Sales

Understanding Tax Terms: Wash Sales

Surprise! Your stock loss is not deductible. You may be considering booking stock losses due to recent market drops. Selling losers can be a great strategy when these losses can offset other gains and up to $3,000 of your ordinary income. However, there is a...
Five Big Tax Mistakes

Five Big Tax Mistakes

Don’t let them happen to you! Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax...
Clues You are About to be Scammed

Clues You are About to be Scammed

Mention the word IRS and everyone’s blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam. Every year the IRS mentions their dirty dozen tax scams and repeatedly tries...
An Option to Deduct Summer Activity Expenses

An Option to Deduct Summer Activity Expenses

Don’t forget to save receipts The kids are out of school, which means now is a great time to review the rules to deduct eligible summer activities on your tax return. Tax deductible related daycare expenses through the use of the Child and Dependent Care Credit...