Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby or running a business, if they are paid through payment apps for goods and…… Read More
The Ohio Department of Taxation has issued new employer withholding tables for payrolls that end on or after July 1, 2024. The new tables include the income tax rate reductions that went into effect when House Bill 33 (135th General Assembly) was signed into law on July 4, 2023. The new employer withholding tables are…… Read More
While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season. MarriageWedding season is upon us, and newlyweds can make their tax…… Read More
Issue Number: IR-2024-18 provided via IRS WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns. The question appears at the top…… Read More
Issue Number: IR-2024-06 provided via IRS IRS reminder: Jan. 31 filing deadline for employers to file wage statements, independent contractor forms WASHINGTON – With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government. Employers must file their copies of Form…… Read More
WASHINGTON – The Internal Revenue Service is reminding those who may be entitled to the Recovery Rebate Credit to file a tax return and claim their money before it’s too late. The vast majority of those eligible for Economic Impact Payments related to Coronavirus tax relief have already received them or claimed them through the…… Read More
WASHINGTON —The Internal Revenue Service reminds low- and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k)…… Read More