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...
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...
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...
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...
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.”...
