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Is your pastime a hobby or a business?

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a business. The IRS has tips posted to help you discern the difference.

Is your pastime a hobby or a business?

Is your pastime a hobby or a business?

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a business. The IRS has tips posted to help you discern the difference.

If you owe the IRS, there are many ways you can make payments

If you owe the IRS, there are many ways you can make payments

Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Thankfully, if you do owe federal taxes, the IRS provides a variety of ways in which you can make your payments. These are applicable for both business and personal.

If you owe the IRS, there are many ways you can make payments

Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Thankfully, if you do owe federal taxes, the IRS provides a variety of ways in which you can make your payments. These are applicable for both business and personal.

IRS warns taxpayers of ‘Dirty Dozen’ tax scams for 2022

IRS warns taxpayers of ‘Dirty Dozen’ tax scams for 2022

The IRS reminds taxpayers to watch out for and avoid advertised schemes, many of which are now promoted online, that promise tax savings that are too good to be true and will likely cause taxpayers to legally compromise themselves.