Our Financial Blog
This is where we share articles and videos to educate about taxes and financial literacy.
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Increased Standard Mileage Rate for 2022!
The IRS has revised the 2022 standard mileage rates for taxpayers to use in computing the
deductible costs of operating an automobile for business!
HOBBY OR FOR-PROFIT ACTIVITY? THE ANSWER MAKES A BIG DIFFERENCE FOR TAX PURPOSES
If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section 183 – the so-called “hobby loss...
IF YOU HAVE A SIDE HUSTLE, BE ADVISED: THE IRS IS CRACKING DOWN
For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants...
UNDERSTANDING THE TAXATION OF CRYPTOCURRENCY TRANSACTIONS
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS...
ADVANCE CHILD TAX CREDIT AND EIP MUST BE RECONCILED ON YOUR 2021 RETURN
Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the...
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