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What Filing Status is Right For You?

What Filing Status is Right For You?

Your federal income tax filing status can affect exemptions, reportable income, deductions, credits, tax rates, liability, the type of form you file, and whether you need to file at all. In addition, some states require that you use the status reported on your federal...
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...
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