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Hobby or Business: The IRS Takes a Stand

Posted on January 13, 2023January 20, 2023

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions […]

Posted in Personal TaxesTagged business, hobby, side gig

IRS Offers A Host Of Car Credits

Posted on January 12, 2023January 20, 2023

Thinking of buying a new car in 2023? The IRS is on your side with some great credits, but you have to follow the strict conditions. Read below to see […]

Posted in Personal TaxesTagged car, Electric Vehicle, Plug-In Electric Car Tax Credit, Tax Credit

What’s the Latest on the Federal Excise Tax?

Posted on January 11, 2023January 16, 2023

The IRS explains that the excise tax is an indirect tax on specific goods, services, and activities. The federal government typically imposes an excise tax on the sale of things […]

Posted in Construction, Small BusinessTagged excise tax, Form 720

The Top KPIs for Nonprofits

Posted on January 10, 2023January 10, 2023

Keeping track of the right key performance indicators can give you a framework to measure the health and growth of your nonprofit over time. But nonprofits are idiosyncratic, and the […]

Posted in NonprofitTagged Grow your nonprofit, Key Performance Indicators, KPI

Nonprofit Organizations: The Various Flavors

Posted on January 9, 2023January 10, 2023

When you apply at the IRS to become eligible as a nonprofit that doesn’t need to pay taxes, there are several important aspects to keep in mind. Although most types […]

Posted in NonprofitTagged Nonprofit status, not for profit, tax exemptions

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The articles in this blog are published with the understanding that the authors are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use.

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