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Is Your Hobby a For-Profit Endeavor?

May 26th, 2015

Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor, but distinguishing the difference is necessary for tax purposes because the tax treatments are substantially different. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or […]

Should You Keep Home Improvement Records?

May 19th, 2015

Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the exclusion for home gains ($250,000 or $500,000 if both filer and spouse qualify) if they meet the 2-out-of-5-year use and ownership tests. Here are some situations when having home improvement records could save […]

Is Your Refund Too High or Do You Owe Taxes? You Probably Need to Adjust Your W-4

May 12th, 2015

If your income is primarily from wages and you received a very large refund—or worse, if you owed money—then your employer is not withholding the correct amount of tax (but it probably isn’t your employer’s fault). Sure, you like a big refund, but you have to remember you are only getting your own money back […]

Tax Penalty For Not Having Insurance Ratchets Up In 2015

May 5th, 2015

The penalty for not having minimum essential health insurance for yourself and other members of your tax family takes a substantial jump in 2015. For 2014, the penalty was the greater of the flat dollar amount ($95 for each adult plus $47.50 for each child under age 18, but no more than $285) or 1% of your household income […]

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January 25, 2010
by: James • Tools

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October 17, 2008
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