by Gabby Miller | Jul 8, 2022 | Accounting, Individuals, News, Newsletter
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by Gabby Miller | Jul 7, 2022 | Business, Fraud, Individuals, News, Newsletter, Taxes
Dirty Dozen Tax Scams for 2022 The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at...
by Gabby Miller | Jul 6, 2022 | Individuals, News, Newsletter, Taxes
What Teen Entrepreneurs Should Know About Taxes Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult...
by Gabby Miller | Jul 5, 2022 | News, Newsletter, Taxes
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...
by Gabby Miller | Jun 6, 2022 | Business, Individuals, Newsletter, Taxes
Tax Withholding for Seasonal and Part-Time Employees Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e.,...
by Gabby Miller | Jun 3, 2022 | Individuals, Newsletter
HSA Limits Increase Significantly for 2023 Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. By 2023, the...
