Tax News & Articles


IRS Extends Both Filing and Payment Deadline to July 15 and Eliminates the Balance Due Limits

The IRS has now extended the deadline for filing and paying federal income tax. The due date for any taxpayer with a federal income tax payment or a federal income tax return due April 15, 2020 is automatically postponed to July 15, 2020. Taxpayers do not have to file extensions. There is no limitation on the amount of the payment that may be postponed.

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1 min read

Hobby vs. Business

If an individual, partnership, estate, trust, or an S corporation engages in an activity that is not conducted as a for-profit business, expenses (other than cost of goods sold) are not deductible. This rule does not apply to corporations, other than S corporations. If an activity is considered a for-profit business, deductions can exceed income, allowing the resulting loss to offset other income.

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5 min read

2019 Tax Changes in Alimony

Under the new regulations, the individual who pays alimony to an ex-spouse will no longer be able to deduct those payments. And the recipient of the money will no longer pay taxes on that income

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4 min read

Summer Activities that can affect your next Tax Return

Summertime activities often affect the tax returns people file the following year. Here are some things taxpayers do during the summer along with tips they should consider now:

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1 min read

Make the summer camp tax deductible!

While children are excited for a three-month break from school, a summer break can cause panic and anxiety in parents. But then comes the blessed time of summer camp, when peace is restored for at least a few days.

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1 min read

Charitable Contributions Charitable Contributions Guide

Qualified charitable organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals...

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4 min read