by Steven J Weil, PhD, EA, LCAM | Jan 13, 2023 | Blog, Personal Tax
A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...
by Steven J Weil, PhD, EA, LCAM | Jan 11, 2023 | Blog, Business Tax
The IRS has announced the new 2023 standard mileage rates. The rate for business use of an auto increases 3 cents per mile, from 62.5 cents in 2022 to 65.5 cents for 2023. The standard mileage rate for medical miles remains 22 cents per mile for 2023 (the remaining...
by Steven J Weil, PhD, EA, LCAM | Jan 4, 2023 | Blog
Here’s what you need to know about the $1.7 trillion spending bill passed by Congress and signed by the President, known as the Consolidated Appropriations Act of 2023 (CAA). This is the largest spending bill in history, and other than authorizing the government to...
by Steven J Weil, PhD, EA, LCAM | Dec 29, 2022 | Blog, Business Tax, Uncategorized
If the IRS decides that your business is actually a hobby, its losses are classified as “hobby losses” and may not be deductible, even against that year’s income from the hobby. In today’s economy, it is not unusual to have more than one source of income....
by Steven J Weil, PhD, EA, LCAM | Dec 26, 2022 | Blog
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ like Venmo, PayPal, Cash App, etc. December 23, 2022, the IRS released Notice 2023-10, which announces the delay in implementation of the $600 lower requirement for...
