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Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is...
Once you file your tax return, consider these 3 issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may...
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re...
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply...
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new...
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may...
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