Newsletter – Business or Hobby? Also, 7 Tips for Marriage. #tax #smallbiz

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Monthly Client Newsletter
May 2017
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Spring is in the air and before you know it summer will be upon us. It’s the time of year when couples tie the knot; some of the tax to-dos for the newly married are enclosed. Unfortunately it’s also audit season. One common audit trigger is incorrectly reporting business versus hobby activity; included here are some dos and don’ts. Also included are a list of tips for working into retirement age, as well as an article on the most effective ways to protect yourself from identity theft.

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Marriage Tax Tips

1If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know.

Business or Hobby?

When you incorrectly claim your favorite hobby as a business, it’s like waving a red flag that says “Audit Me!” to the IRS. However, there are tax benefits if you can correctly categorize your activity as a business.


Six Tips for Working Beyond Retirement Age

3Two-thirds of the Baby Boomer generation are now working or plan to work beyond age 65, according to a recent Transamerica Institute study.

Do-It-Yourself Identity Theft Protection

Identity theft is a growing problem in the United States, and dozens of companies offering various forms of identity theft protection have sprung up to combat it. Unfortunately, these services often do little to actually protect people’s identities, according to a study released by the U.S. Government Accountability Office (GAO).

As always, should you have any questions or concerns regarding your situation please feel free to call.
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Byron L. Riley
Certified Public Accountant
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Houston, TX 77056-7705
Phone: (832) 303-3995

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