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Is Your Pastime a Hobby or Business?

Is Your Pastime a Hobby or Business?

If you’re like some taxpayers, you have a pastime that brings in cash but produces a loss after you deduct your expenses. Example: an amateur artist who spends money for paint and canvas but who only occasionally sells a painting. If you could deduct “hobby” losses on...
2012 Tax Saving Guidelines

2012 Tax Saving Guidelines

Now that the holidays are over, it’s time to get an early start on your tax return filing. Maintaining good records can make filing your tax return easier, and help you not miss any taxable transactions you made during the year, which will help you to reduce your tax...
Optimizing the 2011 Tax Filing Season

Optimizing the 2011 Tax Filing Season

The 2011 tax filing season has already kicked off as the IRS has already started accepting e-filed tax returns as of January 14, 2012. Individual taxpayers will have until April 17 to file their tax returns. Taxpayers are being given an extra two days to file their...
Tax Filing Tips

Tax Filing Tips

Good Recordkeeping Right after the holidays, get an early start on your tax return filing. Maintaining good records can make filing your tax returns easier, and this will help you not miss any transactions you made during the year. Here are a few steps for good...
14 Year-End Tax Tips

14 Year-End Tax Tips

Earlier is better when it comes to adopting a strategy to reduce your taxes. But even if time gets away from you, there are some year-end actions you can take to cut your taxes. Here are some last-minute tax strategies to consider: Review Income and Deductions It’s...
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