Hobby or Business? Why It Matters

Archive for October 2014

Hobby or Business? Why It Matters

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby as an activity that is not pursued for profit.…

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Reduce Your Taxes with Miscellaneous Taxes

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses, which might reduce your federal income tax. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. With that in mind, let’s take a closer look at…

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Cover & Rossiter Earns National Recognition for Services to Captive Insurance Industry

Wilmington, Del. – Cover & Rossiter, one of Delaware’s oldest and most respected certified public accounting and advisory firms, has earned national recognition for services to the captive insurance industry. Cover & Rossiter earned Highly Commended honors in the CPA Firm category from the 2014 US Captive Service Awards at an event held on October 6…

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Tips on Travel While Giving to Charity

Do you plan to donate your services to charity this this year? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity.…

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6 Tips on Gambling Income and Losses

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you’re a casual gambler, here’s what you need to know about figuring gambling income and loss. 1. Gambling income includes winnings from lotteries, raffles,…

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Tax Tips for Self-Employed Taxpayers

If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to income from…

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