Coen & Associates Tax Returns & Bookkeeping Services

05/22/2024

05/22/2024

05/22/2024

04/08/2024

If you owe taxes and can't pay the balance by the deadline, make sure to file your return on time and pay as much as you can. Filing on time will help you avoid additional penalties from piling up. An reminder: An extension of time to file is not an extension of time to pay.

Get started at www.irs.gov/efile

01/27/2024

Call us today to prepare your 2023 tax return.

01/12/2024

Hobby or business: here's what to know about that side hustle

How taxpayers can decide if it's a hobby or business
These questions can help taxpayers decide whether they have a hobby or business:

Do they carry out the activity in a businesslike manner and keep complete and accurate books and records?

Does the time and effort they put into the activity show they intend to make a profit?

Does the activity make a profit in some years – if so, how much profit does it make?

Can they expect to make a future profit from the appreciation of the assets used in the activity?

Do they depend on income from the activity for their livelihood?

Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?

Do they change their methods of operation to improve profitability?

Do the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business?

04/18/2023

02/01/2023

Call us today to have your taxes prepared. Federal all states and all business returns.

01/25/2023

Call us today to get your taxes prepared. Federal and all state returns.