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...
by Steven J Weil, PhD, EA, LCAM | Dec 19, 2022 | Blog
Hiring the kids moves income from being taxed at your tax bracket to being taxed at theirs which could be as low as zero percent. While this method of moving income from your tax bracket to that of your children, or even grandchildren, is perfectly legal, it does...
by Steven J Weil, PhD, EA, LCAM | Dec 8, 2022 | Blog, Personal Tax
Getting Ready to File 2022 Income Tax Returns? Confirm that employers, banks, and other payors have your current mailing address and email address. This will ensure that you receive your year-end tax statements. Set-up a safe place to store year-end tax forms; these...
by Steven J Weil, PhD, EA, LCAM | Jan 13, 2022 | Blog, Personal Tax
IRS warns taxpayers and tax professionals to be ready for a turbulent tax-filing season. The IRS is still dealing with backups in processing returns from the past two filing seasons, and the upcoming filing season will just make things worse. The volume of unopened...
