Many taxpayers have hobbies which can generate income. Especially during the pandemic, taxpayers who lost their jobs, or needed additional income started selling handmade items to produce income. But what are the tax implications of hobby activity? The Internal Revenue Code defines gross income as a...

Students are back in school. For some parents, their students are off to college. While April 2022 seems a long way away, now is the time to determine if you will qualify for tax benefits for your child’s higher education expenses. By making the determination now, you can make sure that you have t...

The IRS has announced that the cost of personal protective equipment (PPE) such as masks, hand sanitizer and sanitizing wipes is an amount paid for medical care, if the primary purpose of the expense was for the purpose of preventing the spread of COVID. Thus, amounts paid for PPE by an individual t...

I discussed the availability and requirements of the home office deduction in a previous newsletter. https://magdaabdogomezlaw.com/claiming-home-office-deduction/ The Internal Revenue Service wants those individuals who qualify, to consider taking the home office deduction. The deduction would resul...