IRS Guidelines: Hobby or Business??

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also

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Writing off Business Travel Expenses

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes. Here

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IRS Notice: Mileage Rates

Announcement 2022-13 advises that the Internal Revenue Service is revising the optional standard mileage rates that were provided in Notice 2022-3, 2022-2 I.R.B. 308, for substantiating the costs of operating an automobile for business, medical or moving purposes.  Beginning July 1, 2022, the rates are 62.5 cents

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Financial safety and disaster preparedness

Taxpayers should include financial safety in their disaster preparedness plans   After a natural disaster, personal financial, insurance, medical and other records can be vital to starting the recovery process. Here are some things taxpayers can do to help protect their financial safety in a disaster situation.

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