Author: Admin

Hobby IncomeIf you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? The distinction between the two makes a big difference in your taxes. Look at the following nine factors when making the determination. Do you: 1. Operate in a businesslike manner? Do…

Single-member LLCs Editor: Shaun M. Hunley, J.D., LL.M. June 1, 2023 All states permit single-member (one-owner) limited liability companies (SMLLCs). A domestic SMLLC, by default, is a disregarded entity for federal income tax purposes. In that case, an SMLLC owned by an individual is treated as a sole proprietorship (or owner of rental property), while…

Digital Assets vs Cryptocurrency Cryptocurrency and digital assets are often used interchangeably, but they can refer to slightly different things. Cryptocurrency is a type of digital asset that uses cryptography for secure financial transactions. Cryptocurrencies are decentralized and operate on a distributed ledger technology called a blockchain. Bitcoin and Ethereum are examples of well-known cryptocurrencies.…

Independent Contractor or Employee See the IRS Document Below:

EV Tax Credits in 2023 or After Credits for new clean vehicles purchased in 2023 or after If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you…

President Biden closed out 2022 by signing a legislative package into law that included the Securing a Strong Retirement Act of 2022—or as it is more commonly known: SECURE 2.0. Supporters of the bipartisan legislation say it will increase access to 401(k) and individual retirement plans, especially among low- to middle-income workers. It is also…