The importance of personally identifiable information Tip Category: What's New Personally Identifiable Information, or (PII), is in the spotlight at the IRS, the Federal Trade Commission (FTC) and the Department of Labor (DOL), plus other federal agencies. Moving beyond the buzz and into understanding what it means for you relates directly to protecting your personal information …
Month: July 2024
Don’t Fall for These 5 Audit Myths
Tip Category: The Audit When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Here are five audit myths that, if believed, can cost you during an audit: Myth 1: Audits …
Turning Your Hobby Into a Business
Tip Category: Deductions You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can also create a big tax headache if you do it wrong. One of the main benefits of turning your hobby …
Understanding Tax Terms: Wash Sales
Surprise! Your stock loss is not deductible. Tip Category: Your Income You may be considering booking stock losses due to recent market drops. Selling losers can be a great strategy when these losses can offset other gains and up to $3,000 of your ordinary income. However, there is a little-known rule called the wash sale rule …
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