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 There are a few things people should consider when deciding whether their project is a hobby or  business. No single thing is the deciding factor. Taxpayers should review all the factors to make a good  decision. How taxpayers can decide if it's a hobby or business These questions can help taxpayers decide whether they have a hobby or business: Does the time and effort they put into the activity show they intend to make a profit?  Does the activity make a profit in some years, and if so, how much profit does it make?   Can they expect to make a future profit from the appreciation of the assets used in the activity?   Do they depend on income from the activity for their livelihood?   if someone are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions . These payments are taxable income and must be reported on federal tax returns. Schedule an appointment with us : 

  Depreciation for medical office : easy bookkeeping task. Contact Taxeasy and set up an appointment :                                                   

 The law requires owners of foreign financial accounts to report their accounts to the U.S Treasury Department, even if the accounts don’t generate any taxable income. Account owners need to report accounts by the April 15 due date following the calendar year that they own a foreign financial account. The U.S. government requires individuals to report foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic ones. Who needs to report:   a person with financial interest, or monetary gain, in, signature authority or other authority over one or more accounts in a foreign country, and   a person with the sum of all foreign financial accounts exceeds $10,000 at any time during the calendar year. A U.S. person is a citizen or resident of the United States. Report each foreign financial account you own or on which you have signature authority using FinCEN Form 114. The Foreign Bank Account Report is filed for each accou

 Easy guidance on how to finish with schedule C or personal income from Ecommerce platforms and be ready to finish your taxes! Enjoy the video!

  Open Report Online Beginning on Jan. 1, 2024, many corporations, limited liability companies and other entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). A beneficial owner is any individual (1) who directly or indirectly exercises “substantial control” over the reporting company, or (2) who directly or indirectly owns or controls 25 percent or more of the “ownership interests” of the reporting company.                                                              A reporting company will also have to indicate the type of filing it is making (that is, whether it is filing an initial report, a correction of a prior report, or an update to a prior report). If a reporting company is created or registered on or after January 1, 2024, the reporting company will need to report infor

 In some excellent news for millions of online sellers, the Internal Revenue Service (IRS) announced another delay of the $600 reporting threshold for Form 1099-K. Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The costs the homeowner can deduct are:     state and local real estate taxes, subject to the $10,000 limit.     home mortgage interest, within the allowed limits: For qualifying debt taken out after December 15, 2017, you can only deduct home mortgage interest on up to $750,000 ($375,000 if you are married filing separately) of that debt. Homeowners can't deduct any of the following items:     Insurance including fire and comprehensive coverage and title insurance     The amount applied to reduce the principal of the mortgage     Wages paid to domestic help     Depreciation     The cost of utilities, such as gas, electricity or water     Most settleme