Hi Friendos, Today’s topic is “hobby income” and how this differs from “business income” for tax purposes. If you earn money from a small side activity you might wonder if you have a “real” business where you need to keep records, report it on your taxes, and do other boring business things vs. if you […]
Hi Friendos, A lot of people would like to get a tax break for their home office or work from home space but don’t know how this works. The very short summary is: I was curious how many people claim this deduction and what it’s worth to them, so I spent some time with IRS […]
Anatomy of a 1040, Class 8 Hi Friendos! Today, Summer School Lesson 8 is all about self-employment income, and our last discussion of the “income” portion of the tax return. We’re in the home stretch: next week we’ll talk about the standard and itemized deductions, and then our final lesson will be about tax payments […]
Frequently Taxed Questions 