Hobby or Business? Why It Matters at Tax Time

Are you correctly classifying your activity as a hobby or a business, and do you understand how that distinction can impact your tax obligations? Learn what the IRS considers and why it matters during tax season.

Independent Contractor or Employee?

If you’ve recently received IRS Notice CP14, you’re not alone. This notice is a common first step when the IRS believes you have unpaid taxes. As your CPA, we can help you understand what the notice means, confirm its accuracy, and guide you through next steps to resolve it efficiently.

Trusts Versus Wills: What’s Right for You?

If your estate is small and your wishes are straightforward, a will may be all you need. However, if your situation is more complicated, or if you desire greater control, privacy or protection, you may choose to utilize both a will and a trust.

Mentoring: Passing Down Skills

Mentors help mentees feel valued and supported, boosting their confidence and personal growth. By sharing your skills and knowledge, you help prepare the next generations of leaders while enriching your own life and retirement.

Hiring Rules for US Employers

In the hiring process, you must ensure that every individual you plan to employ is authorized to accept employment in the U.S. Some individuals are automatically authorized to work based on their immigration status, while others must apply for separate employment authorization.

Why Dead Investors Outperform the Living

Dead investors don’t read The Wall Street Journal, sell during panics or jump on the bandwagon during manias. They don’t pester their brokers or boast about their portfolio winners. “Fear of missing out”

Tax Implications of Home Improvements

For any renovation or repair to qualify for a tax deduction, the work must qualify under IRS rules as a home (or capital) improvement. Examples of projects that may qualify include new additions, new roofs, whole room renovations, new siding, new heating or air conditioning systems and certain interior renovations such as new floors.

Choosing the Right Business Structure

The kind of business you’re running, how much risk you’re comfortable with, and whether you expect to bring in outside investors. While you can change your structure later, making the right choice at the beginning can save you time, money, and stress.