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Do I have a hobby or a business? Tax Differences, Hobby Income, Deductions, and the IRS
Understanding the difference between a hobby and a business is crucial for tax purposes. While both can bring in income, the IRS distinguishes them based on your intent to make a profit. This blog will guide you through how the IRS makes this determination, what...
When to Pay Student Loans Back: Tips and Strategies for Recent Graduates
Graduating from college is a significant milestone, but it often comes with the daunting task of managing student loan debt. Understanding when to pay student loans, how to develop an effective repayment strategy, and what options are available can make this process...
Creating Your Startup Support Team: 10 Essential Professionals to Hire for Your Small Business
Starting a business is an exciting journey, but it comes with a host of challenges that can be daunting to tackle alone. To ensure your small business thrives, it’s crucial to surround yourself with the right team of professionals. Knowing who to hire first for your...
How to Deduct Student Loan Interest: Tips for Students & Parents
Navigating the complexities of student loan interest deductions can be challenging, but understanding the basics can significantly ease the process. This comprehensive guide will walk you through how to deduct student loan interest, explain who qualifies, and offer...
Understanding Rule 72(t): Early Withdrawals from Retirement Accounts Without Penalty
Navigating the complex rules surrounding retirement accounts can be challenging when it comes to accessing funds before the age of 59½ without incurring penalties. Rule 72(t) of the Internal Revenue Code offers a potential solution for those who need to make early...
A Simple Guide to the Most Common IRS Tax Forms for Individuals
Wondering which tax forms to gather ahead of tax season? Wondering which IRS tax forms and schedules are actually relevant to you? We’ve gathered a list of common tax forms needed by individuals to do their basic taxes. Beyond collecting last year’s information,...