All Posts Tagged With: "Taxes"

If you, like me, are a nine-to-fiver and a part-time entrepreneur, the IRS is not going to congratulate you for your hard work, but they will take their cut. Did your side-gig take a loss last year?

You may be able to deduct that loss and beef up any refund you are owed. But be careful: Deduct a business loss for more than a couple years in a row and you may be flagged for a painful audit.

The IRS has recently caught on to taxpayers utilizing self-defined business losses to reduce their total income and, subsequently, their tax liability. As a result, the IRS has instituted the so-called hobby loss rule.

There is no way to easily distinguish between a for-profit business and a not-for-profit hobby. Whether you are a photographer who shoots weddings, a musician who plays a few gigs, or a blogger with advertising revenue, whether you earn $1 a year or $100,000, your side work could be considered either: a business, or a hobby. Continued

I’m no tax expert, nor do I want to be, but as my taxes get more complicated, I do want to make sure I don’t give more of my money to Uncle Sam than I legally owe. Here are some tax tips that may be especially helpful to the under-30 set. Continued

It seems like only a year ago I was lamenting the absence of innovative web-based personal budgeting tools. Today we have Mint.com and Geezeo.com, and even Quicken has launched an online budgeting product. While these sites are all long overdue ways to keep tabs on your money, one site, Shoeboxed.com, takes the cake for the most unique new financial tool: web-based receipt organization.

Shoeboxed.com offers online receipt organization and management. Basically a super simple budgeting tool, users can enter receipt information in a free section to track monthly spending. Shoeboxed.com’s uniqueness, however, comes from their premium service: mail-in receipt scanning. Continued

Congress’ economic stimulus package bill has passed, meaning most American taxpayers will receive tax rebate checks ranging from between $300 and $1,200 per household, plus additional amounts for households with multiple children. Want to make sure you get yours? Continued

No, this is not a sponsored post, and no, H&R Block is not an affiliate. I say that because I am about to lavish their ad wizards with praise, and any right-minded cynic will think I have something to gain by doing so. Alas, I do not. Continued