During the year you may have been the recipient of unexpected funds (money!!!). Some are from a good fortune; others are from an unfortunate incident. If you have been involved in one of these situations there are tax consequences to consider. Some are short term (in the current year); others will impact you long term. […]
Archive for taxes – Page 5
BUSINESS OR HOBBY? DO YOU KNOW THE DIFFERENCE?
We all enjoy hobbies OR, at least, I hope you have a an interest that you can pursue that makes your life bearable. Maybe I should use the term “makes your life interesting”. Hobbies are activities that you do for pleasure NOT for profit. Hobbies include collecting, craft making and horse breeding/racing to address a […]
UNFORTUNATELY IDENTITY THEFT IS WITH US
Identity theft is a new problem for all of us in today’s world on a daily basis. It DOES NOT occur ONLY during tax season. Your social security number can be used through-out the year. Many times, you may not be aware that someone has stolen your identity until you file your tax returns. I […]
FINANCIAL RECORDS YOU SHOULD KEEP AND FOR HOW LONG
Summer is the time that most of us clean out our closets and all that paper that has accumulated over the years. Many have called to ask “How Long Do I Need To Keep My Tax Records?” Unfortunately, there is no ONE answer to this question. The main reason we keep our tax records (returns […]