4 Basic Tax Tips about Hobbies

From IRS Tax Tips: Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the...

Home Office Deductions – part 2

By Richard Schwartz, CPA In Part 1 of Home Office Deductions, we covered determining the qualifying space, regular and exclusive use, and multiple business locations.? In Part 2, we?ll look at determining dollar amounts of your deduction, what to do if you?re an...

Home Office Deductions – Part 1

By Richard Schwartz, CPA Every tax season, I have several clients that I meet with excitedly inform me that they have finally purchased a new home.? And often times, the next bit of information they communicate to me, is that the new house has a home office.? However,...

Job Hunting Expenses

From IRS Tax Tips: Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a new job: Same...