Category Archives: Tax Tips

What to Do If You Are Missing Important Tax Forms

If you are ready to file your taxes but are missing important tax forms here's what you should do:Form W-2You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no later…
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Tips for Taxpayers Who Make Money From a Hobby

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return. Generally, if someone has…
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Figuring out Your Correct Filing Status

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.Single, married, divorced? Kids or no kids? These are just a…
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Hobbies and Taxes

Is your activity a business or a hobby? Hobbies and Taxes, it's important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for…
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