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The Difference Between a Hobby and a Business

The Difference Between a Hobby and a Business

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...
Dirty Dozen Tax Scams for 2022

Dirty Dozen Tax Scams for 2022

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...
What Teen Entrepreneurs Should Know About Taxes

What Teen Entrepreneurs Should Know About Taxes

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...
Standard Mileage Rates Increase for Remainder of 2022

Standard Mileage Rates Increase for Remainder of 2022

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...
Tax Withholding for Seasonal and Part-Time Employees

Tax Withholding for Seasonal and Part-Time Employees

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.,...
HSA Limits Increase Significantly for 2023

HSA Limits Increase Significantly for 2023

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...
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  • 2022 – Houston Business Journal Ranking
  • The Difference Between a Hobby and a Business
  • Dirty Dozen Tax Scams for 2022
  • What Teen Entrepreneurs Should Know About Taxes
  • Standard Mileage Rates Increase for Remainder of 2022

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