by taxmaster22 | Aug 30, 2023 | Articles
Taxpayers who make home energy improvements in 2023 may be able to take advantage of tax credits for a portion of the qualifying expenses. The credit amounts were increased, and types of qualifying expenses were expanded, by the Inflation Reduction Act of 2022. This...
by taxmaster22 | Aug 30, 2023 | Articles
The difference between having a hobby and running a business can be confusing. However, the difference is important because the IRS treats hobbies and businesses differently. Trade or business. Generally, a trade or business is an activity carried...
by taxmaster22 | Aug 30, 2023 | Articles
Individuals must receive annual required minimum distributions (RMDs) out of their retirement plan or IRA when they reach age 73 or older (this age will be increased to 75 in future years). For some taxpayers, the RMDs will bump them into a higher tax bracket and...
