Hobby – The Burns Firm – Advisors of Complex Financial Matters

Is Your Money-Losing Activity a Hobby or a Business?

October 15th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Write-offs, CPA, CPA near me, CPA Texas, Dallas CPA, Deductions, Hobby, Hobby Loss Rules, Services, Small Business, Tax, Tax Advisor, Tax Deductions, Tax Rules, tax write-offs, TCJA, Texas CPA|Tags: CPA, cpa near me, expenses, Expenses from Hobby, hobby, How to Determine if Your Hobby is a Business, Is Your Hobby a Business, tax, tax advisor, tax rules, TCJA tax rules, The Burns Firm|

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]

Pay Attention to the Tax Rules If You Turn a Hobby Into a Business

May 21st, 2024|Categories: Accountant, Accounting, Bookkeeping for Business, Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Hobby, Hobby Loss Rules, Record Keeping for Business, Tax, tax accountant near me, Tax Advisor, The Burns Firm|Tags: cpa near me, Dallas CPA, hobby, Hobby Tax Rules, How to avoid the hobby loss rule, tax, tax advisor, Texas CPA, The Burns Firm, Turning A Hobby Into a Business, What is considered a Hobby?|

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope

April 22nd, 2021|Categories: Accounting, Hobby, Tax, Tax Credits, Tax Deductions, Tax Return|Tags: can i deduct hobby-related expenses, CPA Dallas, cpa near me, Dallas CPA, deduct loss for small busines, hobby, hobby-related loss deductions are disallowed, if I profit from my hobby is it a small business, is my hobby a small business, North Texas CPA firm, small business and not a hobby, tax and my hobby, tax firm near me, tax preparer near me, The Burns Firm|

Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on [...]