A hobby loss refers to any loss incurred while a taxpayer conducts business that the IRS considers a hobby.
Last year’s taxes, both your federal and — if applicable — state return. These aren’t strictly necessary, but they’re good refreshers of what you filed last year and the documents you used.
If you don’t have a tax preparer, a good way to find one is to ask friends and advisors (such as an attorney you know) for referrals. Be sure that the person you choose has a preparer tax identification number (PTIN) showing that they are authorized to prepare federal income tax returns.
Here are 6 keys to help you with tax preparation. Use this checklist when preparing your return.
Unless you’re a tax nerd, filing your taxes is usually a dull process at best, and a migraine-in-the-making at worst. The #1 reason people hire tax preparation firms is simply that they’ve experienced one too many late nights, lost W-2s, or audits for one lifetime.
With the 2021 tax filing season around the corner, here are four new items to consider that could impact your 2020 tax return.
The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.