Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

Article Highlights:   Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax…

Managing Your Finances During an Inflationary Period

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It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve…

Don’t Think You Have to File a Tax Return? You May Be Missing Out!

 Article Highlights: Withholding Other Prepayments Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Recovery Rebate Credit These days the tax return is used for more than just collecting…

February 2022 Individual and Business Due Dates

February 2022 Individual Due Dates February 4 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If…

Another Rough Tax Season for IRS and Taxpayers?

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Article Highlights: Rough tax season ahead? Avoiding processing delays IRS processing time Don’t procrastinate IRS customer service problems This could be another rough tax season for the IRS and taxpayers. Although this…

Brush Up On Your Bookkeeping Habits

Now's the time! Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter…

Planning for a Child’s College Expenses Should Start Early

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Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts The Lifetime Learning credit Qualified Education Loan Interest Some in Congress have proposed “free” (i.e., government-paid) tuition for community college…

Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond

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As the old saying goes, "If you fail to plan, you plan to fail." Whoever coined that phrase was absolutely talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs…

How Can a Nonworking Spouse Qualify to Fund an IRA?

Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly…

2022 Standard Mileage Rates Announced

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Highlights: Standard Mileage Rates for 2022 Business, Charitable, Medical and Moving Rates Important Considerations for 2022 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee…