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Tag Archives: Business Taxes

Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 8, 2022 by Lake Wylie Tax Services StaffFebruary 8, 2022

Hobby or For-Profit Activity Tax ConsequencesIf you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section 183 – the so-called “hobby loss rule”) limits deductions when an activity is not engaged in for profit, resulting in no loss being deductible for a hobby.

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Posted in For Business | Tagged Business Taxes, Personal Taxes

Owe Taxes and Can’t Pay by the Due Date?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 20, 2021 by Lake Wylie Tax Services StaffApril 20, 2021

Owe taxes and unable to pay by due dateThe vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?

The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t. So if you are unable to pay the tax you owe, it is generally in your best interest to make other arrangements to obtain the funds for paying your taxes rather than be subjected to the government’s penalties and interest. Here are a few options to consider. Although they all have negative connotations, they are all better than the penalties and interest the IRS could impose, not to mention the time and headache of dealing with IRS communications and the possibility of wage, bank account and asset levies.

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Posted in Tax Central | Tagged Business Taxes, Individual Taxes, taxes
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