Unless a taxpayer can demonstrate a profit motive, an activity is treated as a hobby. This means all income must be reported, but for 2018 through 2025, no deductions can be taken. The bar to deductions makes the profit motive determination essential …
The IRS has announced the standard mileage rates for certain types of driving in 2019 (Notice 2019-02). Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
58 cents per mile driven for bus…
While the Tax Cuts and Jobs Act repealed the individual mandate penalty as of January 1, 2019, the requirement for individuals and their dependents to have minimum essential health coverage unless exempt or pay a penalty still applies for 2018 returns…
Tax reform affects every person’s tax return in 2018. Before you file this tax season, here’s what you need to know about the tax law adjustments to be prepared.
1. The tax rates changed for everyone.
The tax …
Moms are busy. That goes without saying. Between chauffering kids to activities and likely working a full-time job, finding extra time for anything else is next to impossible.
But yet, it’s also necessary.
Many moms…
Tax season is just around the corner, which means it’s time to start thinking about the documents you need to get ready.
Here are a few things to consider ahead of filing your 2018 tax return.
Find last year’s…
There isn’t one most important thing for freelancers to know when it comes to filing a tax return. Well, except paying taxes in the first place!
Instead, there are a variety of incredibly important factors for which…
As a business owner, there are a variety of ways to accept payment. Apps like Square, Paypal, or other mobile payment services make it easy for you to accept card payments and keep a record of that income. But if you choose to receive payment via a cre…
Tax reform of 2017 promised us shorter, simpler, tax forms. We even were told that we might be able to file on a form the size of a postcard – although we may have wondered how that would work out.
The Internal Reve…
Are you ready for a new set of wheels? A vehicle is a large expense for most families. Recently, more people are choosing to lease their new ride instead of buy it; nearly 30 percent of new car transactions are leased. Keep reading to discover the pros…
