Legacy Financial & Tax Services, LLC, a Phoenix CPA firm, endeavors to provide our clients with the very best Tax Consulting, Business Consulting, Tax Preparation, IRS/State Tax Resolution, and Payroll services possible.

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Is Your Hobby a For-Profit Endeavor?

The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.
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Keeping Good Tax Records

Would you be ready in a tax emergency? Well–organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional taxes.
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