Huth Thompson LLP

Posts Tagged ‘huth thompson lafayette in’

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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Indiana College Choice 529 Direct Savings Plan

Saving for the costs of education for your children is a daunting task for most taxpayers. The state of Indiana offers a tax credit that can directly offset your Indiana income tax for qualifying contributions. Effective January 1, 2019 the income tax credit for contributions made to an account that will be used for paying…

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IRA Contribution to Charity

With the filing season now complete for the 2018 tax year, many taxpayers may have noticed that the standard deduction pretty much doubled. The standard deduction was increased to $24,000 per married couple ($12,000 for single tax payers) with the new TCJA tax legislation beginning in 2018, which in turn created a much lower number of taxpayers…

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