Quick Reference for Tax Professionals ? Hobby or Income?

Quick Reference for Tax Professionals ? Hobby or Income?

As a tax professional, you know find there is no solid line drawn between a hobby and income. To help establish the difference with your clients, here are a few questions you can ask your client to help you differentiate between the two Do you conduct activities in a...
Quick Reference for Tax Professionals ? Medical and Dental Deductions

Quick Reference for Tax Professionals ? Medical and Dental Deductions

As a tax professional, sometimes you need an answer right now. At UltimateTax we want to offer your more than professional tax software, we want to help you find solutions. Here is a quick list for you to reference of qualifying medical expenses and treatments for...
Marketplace Tax Statement Mishap Could Benefit 50,000

Marketplace Tax Statement Mishap Could Benefit 50,000

Did you prepare returns for clients that had bad Obamacare subsidy data (Read our 800,000 Incorrect Tax Statements article) If so, you are about to have some great news for them! Out of the 800,000 incorrect tax statements, the 50,000 taxpayers who already filed are...
Lawmakers Re-Introduce Bill to Credit Enrolled Agents

Lawmakers Re-Introduce Bill to Credit Enrolled Agents

As it stands, not all states allow Enrolled Agents to use their credentials to encourage tax payers to use their services. This may not be the case in the future! The Enrolled Agents Credential Act has been re-introduced in Congress. This would allow Enrolled Agents...