Archive for May 2023
Emergency preparedness plans should include financial records
From IRS.gov, Issue Number: Tax Tip 2023-69 People should put together an emergency preparedness plan for their household – and include copies of their vital records and financial information. By creating an emergency preparedness plan and updating it annually, people will be able to start the recovery process faster if they’re affected by a disaster…
Read MoreHobby or business: here’s what to know about that side hustle
From IRS.gov, Issue Number: Tax Tip 2023-61 Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a…
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