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You don’t have to be in business to deduct certain vehicle expenses

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October 30, 2024 , , ,

mileage deduction

You don’t have to be in business to deduct certain vehicle expenses

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.

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Is your money-losing activity a hobby or a business?

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October 15, 2024 , , ,

hobby business

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes.
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Working remotely is convenient, but it may have tax consequences

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August 21, 2024

remote work

Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay in many industries. But it may also lead to some tax surprises, especially if workers cross state lines.

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Pay attention to the tax rules if you turn a hobby into a business

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May 8, 2024 ,

hobby business

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
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A job loss is bad but the tax implications could make it worse

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March 5, 2024 , ,

layoff

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.
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What you need to know about restricted stock awards and taxes

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November 7, 2023 , , ,

restricted stock awards

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your company can issue you additional restricted shares to make up the difference.

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The tax consequences of employer-provided life insurance

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August 23, 2023 ,

life insurance income

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.

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That email or text from the IRS: It’s a scam!

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July 5, 2023

IRS scam

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

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Being a gig worker comes with tax consequences

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May 23, 2023 , , , , ,

gig worker tax

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on strike have expressed concerns that screenwriting is becoming part of the gig economy.

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4 tax challenges you may encounter if you’re retiring soon

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May 16, 2023 , ,

retirement tax implications

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.

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