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...
You may qualify for an ABLE savings account

You may qualify for an ABLE savings account

IRS Tax Tip 2022-189, December 13, 2022 People with disabilities and their families can use Achieving a Better Life Experience or ABLE accounts to help pay for qualified disability-related expenses. ABLE accounts are tax-advantaged savings accounts that don’t...
Don’t let a tax mistake ruin newlywed bliss

Don’t let a tax mistake ruin newlywed bliss

Tax Tip 2022-188, December 8, 2022 When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a...