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Return Being Processed Means The IRS Received Your Tax Return, But It Could Still Be Delayed.
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 experiencing a considerable...
Congratulations, You Just Sold Your Business: What Happens Next?
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
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?
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?
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.”...
All the Things That Entrepreneurs Can Learn From the Overnight Success of Wordle
Few things have captured the attention of so many people in recent memory like the word-based game Wordle. It's one part crossword, one part Sudoku — players have to guess the word of the day through equal parts strategy and luck. Based on their guesses, colored tiles...