Business vs. Hobby: Tax Rules Have Changed
If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity …
Running your Personal Finances Like a Business
Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to …
Deducting Charitable Gifts Depends on a Variety of Factors
Whether you’re planning to claim charitable deductions on your tax return or make donations this year, be sure you know how much you’re allowed to deduct. Your deduction depends on …
Did you repair or improve business property?
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The …
Deducting Qualified Business Income
The TCJA created a new deduction for small business owners who operate pass-through entities. That includes domestic companies operated as sole proprietorships or through S corporations, partnerships, certain LLCs, trusts, …