Huth Thompson LLP

Archive for September 2019

Understanding Your 401(k)

As accountants, we often get asked, “So what are you seeing in this….” And “this” can range from all type of items; all forms of taxes, the markets, business expansion, etc. The list is endless in what we get asked! One of those areas I get asked about is trends within 401(k) Plans. As a…

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Is Your Hobby Actually a Business?

Millions of people have hobbies, but when your favorite hobby starts to turn a profit, the IRS may consider it a business. What is the difference? The IRS defines a hobby as any activity not pursued for profit, whereas a business is defined as any activity done with the reasonable expectation of earning a profit. It is important for taxpayers to…

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