Month: July 2015

Is Your Hobby a For-Profit Endeavor?

July 22, 2015 by Alex Franch

Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor. However, distinguishing the difference is necessary for tax purposes. Why? Because the tax treatments are substantially different. … Read More

Statute of Limitations: How Long Am I on the Hook for a Tax Assessment?

July 9, 2015 by Alex Franch

Taxpayers often wonder what is the statute of limitation for a tax assessment? Or, they ask, “How long does the IRS have to question and review my tax returns?” For most taxpayers who reported all their income, … Read More