Students and others often get part-time and seasonal jobs to earn extra money or to save for later. But many people don't realize that they may have to report and pay taxes on their income. When you start a job, you need to fill out a Form W-4, which is an Employee's Withholding Certificate. Your employer [...]
This article was published by the IRS. Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage [...]
The IRS Small Business Tax Workshop is a series of online training videos covering tax topics for new and established small business owners. The first four topics in the workshop cover federal taxes, Schedule C, filing/paying taxes electronically, and the business use of your home - no matter the type of business you have, or if [...]
This article was published by the IRS. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person pursues because they enjoy it and [...]
In this week’s Wednesday episode (May 27, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that she still hasn't seen movement on fixing the issue of expenses being deductible regarding the PPP loans, which will directly impact how many taxes are owed at the end of the year. The AICPA is working hard [...]
