Most people have a hobby. Maybe it’s scrapbooking, or maybe it’s restoring vintage cars. Our hobbies are important because they help us relax from the stress of everyday life and because they bring us enjoyment. But what happens when someone with a scrapbooking hobby starts to sell some of his
Cryptocurrency Disclosure
You may have noticed that there is a virtual currency, or “cryptocurrency”, question at the top of your 2021 tax return. It asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” and it requires a response of
Small Business Rent Expenses May Be Deductible
Rent is any amount paid for the use of property that a small business doesn’t own. Typically, rent can be deducted as a business expense when the rent is for property the taxpayer uses for the business. Here are some things small business owners should keep in mind when it
Why Some Tax Refunds Take Longer to Process
Even though the IRS issues most refunds in less than three weeks if you file electronically and choose direct deposit, some refunds may take longer to process. Many different factors can affect the timing of a refund after the IRS receives a return. For example, a refund may be delayed
Leveraging Kiddie Tax Rules to Save on Owed Taxes
The term “kiddie tax” was introduced by the Tax Reform Act of 1986. The kiddie tax rules are intended to keep parents from shifting their investment income to their children to have it taxed at their child’s lower tax rate. In 2022 the law requires a child’s unearned income (generally
Tips for a Quick Tax Refund
The IRS is currently dealing with a huge backlog of tax returns, and stories are rampant of delayed responses to returns that have been properly filed. How can you avoid these problems and receive your tax return as quickly as possible? We’ve put together a few tips to help you
Tips to Receive Your Tax Refund Faster
The deadline for filing your tax return is April 18 for most people this year (due to the Emancipation Day holiday in Washington, DC falling on April 15), but if you are expecting a refund this year, you will probably want to file long before that deadline so that you
Economic Impact Payments and Families with New Dependents
The Internal Revenue Service announced on January 26 that all third-round Economic Impact Payments have been issued. While some payments of the Economic Impact Payments from 2021 may still be in the mail, the IRS is no longer issuing new payments. Families with new dependents in 2021 The third-round Economic
Child care tax credit doubles this season: How to claim up to $16,000
The imminent tax season, which starts Jan. 24, means parents should expect to get the rest of their child tax credit money soon. But that’s not all. An entirely different tax break, called the child and dependent care credit, has also been greatly expanded. Parents and caregivers could see a
A new stimulus check program just opened for applications and you had no idea
You don’t have to be a fortune-teller or an expert political strategist to figure out that no new stimulus checks are coming from the federal government anytime soon. The political dynamic is such that the votes in Congress just aren’t there for new checks right now. But having said that,