Hobby or business: here’s what to know about that side hustle

Hobby or business: here’s what to know about that side hustle

Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that...
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be...
Get ready for taxes: What’s new and what to consider when filing in 2023

Get ready for taxes: What’s new and what to consider when filing in 2023

WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get...
IRS provides tax inflation adjustments for tax year 2023

IRS provides tax inflation adjustments for tax year 2023

IR-2022-182, October 18, 2022 WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides...

Summary of Tax Credits Available with the Inflation Reduction Act of 2022

The passing of the Inflation Reduction Act in August has led to many questions regarding the purchase of Electric Vehicles (EV) and Energy Efficient Home Improvements in regards to potential tax credits. To help answer some of the questions you may have, we have...
Summary of Tax Credits Available with the Inflation Reduction Act of 2022

Summary of Tax Credits Available with the Inflation Reduction Act of 2022

The passing of the Inflation Reduction Act in August has led to many questions regarding the purchase of Electric Vehicles (EV) and Energy Efficient Home Improvements in regards to potential tax credits. To help answer some of the questions you may have, we have...