Ascend Tax & Accounting

Learn about business from your friends at Tucson based ASCEND Tax & Accounting.

For those who love learning: here's a tax fact from ASCEND Tax & Accounting.

If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. If a hobby, losses are not tax deductible. The IRS has guidelines for determining whether an activity is carried on for profit, such as a business or investment activity, or if it is a hobby.

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

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If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education tax credits (1) you are eligible for and (2) gives you the greater tax benefit.

Twists and Turns of the Education Tax Credits If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education tax credits (1) you are eligible for and (2) gives you the greater tax benefit. This article looks at some of the twists and turns of these credi...

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Your Saturday from Tucson based ASCEND Tax & Accounting.

Here's your tax fact of the week from your friends at ASCEND Tax & Accounting.

If you borrow money, will the interest you pay be tax deductible? The answer to that question can be complicated, and unfortunately, not all interest an individual pays is deductible. Whether or not the interest can be deducted depends on what the loan proceeds are used for.

Is Interest Paid on Borrowed Money Tax Deductible? If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the loan proceeds a...

Here are the February 2022 business tax due dates

February 2022 Business Due Dates Here are the February 2022 Business Due Dates.

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