If You’re Closing Your Business, Don’t Forget These Tax Steps

Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly...

Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each. All income must be reported on your tax return, regardless of whether...

Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees and required books, supplies and equipment. Amounts used for non-qualified expenses — such...