Lower My Tax Now Blog

Can you have too much of a good thing?

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Employees often have too much of their employer’s company stock in their 401(k) or other retirement plan. Employees feel they know their company best, overlooking the risks of having too much of an investment in any one company, including their own.

What are some of the risks of loading…

Business or Hobby? What’s the tax difference?

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For federal tax purposes, the determination of “business” or “hobby” is a matter of deduction. If your new venture is considered a business, you can deduct losses against other income.

However, when the activity is classified as a hobby, the “hobby loss” rules limit the amount you can write off….

How will health care reform affect you and your taxes?

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It’s massive, and it’s complicated. At more than 2,400 pages, the Affordable Care Act (ACA for short) has left businesses and individuals confused about what the law contains and how it affects them.

The aim of the law is to provide affordable, quality health care for all Americans. To reach…

How does the limited IRS operations due to budget affect you?

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• You should continue to file and pay taxes as normal. Individuals who filed a personal tax return extension should file their returns by Oct. 15, 2013.

• All other tax deadlines including the payroll tax deadlines remain in effect, including those covering individuals and businesses.

• You…

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