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Is Your Sideline Activity a Business or a Hobby?

Is Your Sideline Activity a Business or a Hobby? Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that money-losing […]

Send Tax Documents Correctly to Avoid IRS Issues

You have heard the horror stories about mail sent to the IRS that remains unanswered for months. The IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS employees to process them. Because the understaffed IRS is having so much trouble processing all the documents it receives, you need to protect yourself […]

Self-Employed During the Pandemic? Lawmakers Did Not Forget You

Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such as unemployment and paid sick leave. But this time it’s different. Because of the COVID-19 pandemic, you can qualify for the following seven benefits: Paycheck […]