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Return Being Processed Means The IRS Received Your Tax Return, But It Could Still Be Delayed.

by Jackie | Apr 1, 2022 | Uncategorized

Many taxpayers use the Where’s My Refund tool and wonder what “Return being processed” means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is...

Congratulations, You Just Sold Your Business: What Happens Next?

by Jackie | Mar 28, 2022 | Uncategorized

One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances after all is said and done. You need...

Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

by Jackie | Mar 23, 2022 | Uncategorized

If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section 183 – the so-called “hobby loss...

Is there a Tax Break for Tuition Paid to Special Schools?

by Jackie | Mar 20, 2022 | Uncategorized

A component of itemized deductions is the cost of medical care. The total of eligible medical expenses paid during the tax year is reduced by 7.5% of the taxpayer’s adjusted gross income (AGI). While you are undoubtedly familiar with most of the medical expenses...

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

by Jackie | Mar 17, 2022 | Uncategorized

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.”...
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  • Representative before the IRS and State Taxing authorities
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