Amadiz Tax Services, Inc.

03/03/2023

How do you distinguish between a business and a hobby?

In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. A hobby activity is an activity not done for profit. This includes activities done mainly for sport, recreation, or pleasure. No one factor alone is decisive.

You must generally consider these factors in determining whether an activity is a business engaged in making a profit:

- Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and records.

- Whether you have personal motives in carrying on the activity.

- Whether the time and effort you put into the activity indicate you intend to make it profitable.

- Whether you depend on income from the activity for your livelihood.

- Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).

- Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.

- Whether you were successful in making a profit in similar activities in the past.

- Whether the activity makes a profit in some years and how much profit it makes.

- Whether you can expect to make a future profit from the appreciation of the assets used in the activity.

02/17/2023

We greatly appreciate your support and referrals. It drives our business, and we couldn't do what we do without you!

02/15/2023

You’ve got better things to do than worrying about your tax returns. Which is why at AMBR Tax Services, Inc. we make tax time easy. Our team of professionals will do everything we can do to make sure you are getting back the largest refund you are entitled to.

Ask us for a Refund Transfer and pay us $0 up front for professional tax preparation*. That’s right, when you select a Refund Transfer as your payment method, the cost to prepare your tax return automatically comes out of your tax refund, and you can choose from three convenient ways to get your refund money. Must be 18 years of age to qualify.

Schedule your appointment today! Contact us at [email protected]

Benefits
> Easy-to-get and hassle-free
> No upfront fees for professional tax preparation
> Faster, convenient alternative to an IRS mailed check
> No charge for a check, unlike some large chain stores


Refund Available
> Within 21 days** (even if you don’t have a bank account)

Fee***
> Fees are taken out of the refund amount for you

, , , , ,

*Refund Transfers are processed through Civista Bank, Member FDIC, that enable certain deductions from the account to be processed. Refund Transfers are not loans. Tax refund and e-filing are required in order to receive Refund Transfer. Fees apply. Terms and conditions are subject to change without notice. Ask your preparer about other IRS e-file options, some of which are provided at no additional cost. Must be 18 years of age to qualify.
** According to the IRS website most refunds are disbursed in less than 21 days. It may be delayed even longer for other reasons. If this happens, you should contact them 
directly by calling the IRS Taxpayer Assistance Line (800-829-1040).
***

Refund Transfer fee up to $149.95. 
©2022-2023 Santa Barbara Tax Products Group, a Green Dot Company. All rights reserved. Reproduction in whole or in part without written permission is prohibited. TPG and the TPG logo are trademarks of Santa Barbara Tax Products Group.

02/15/2023

Protection Plus is our premier partner for tax audit defense and identity theft restoration. If you receive a tax notice from the state or IRS, you can rest assured that you'll have an experienced team on your side

02/09/2023

Did you know we provide free audit defense when you file your 1040 tax return with us? We want you to have peace of mind even after successfully filing your return. So, if you receive a notice from the IRS, don't worry. We've got it covered.

01/07/2023

When it comes to taxes and tax planning, you need someone you can trust.
http://wix.to/t03C5We

01/05/2023

**Reminder** Low- and moderate-income workers, you can save for retirement now and possibly earn a special tax credit in 2022 and years ahead!

Eligible workers still have time to make qualifying retirement contributions and get the Saver's Credit on their 2022 tax return. People have until April 18, 2023 - the due date for filing their 2022 return - to set up a new IRA or add money to an existing IRA for 2022. Both Roth and traditional IRAs qualify.

Income limits, based on a taxpayer's adjusted gross income and marital or filing status, apply to the Saver's Credit. But due to inflation, the limits will increase markedly in 2023. As a result, the Saver's Credit can be claimed by:

- Married couples filing jointly with incomes up to $68,000 in 2022 or $73,000 in 2023.
- Heads of household with incomes up to $51,000 in 2022 or $54,750 in 2023.
- Married individuals filing separately and singles with incomes up to $34,000 in 2022 or $36,500 in 2023.

On the other hand, those participating in workplace retirement plans should've taken action by the end of 2022 for contributions to count for this year's tax preparation. This means elective deferrals (contributions) should've been made by December 31, 2021 to a:

- 401(k) plan.
- 403(b) plan for employees of public schools and certain tax-exempt organizations.
- Governmental 457 plan for state or local government employees.
- Thrift Savings Plan (TSP) for federal employees.
http://wix.to/Sk9FnY3

01/04/2023

The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
http://wix.to/4GvAOTG

01/02/2023

How do you distinguish between a business and a hobby?

In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. A hobby activity is an activity not done for profit. This includes activities done mainly for sport, recreation, or pleasure. No one factor alone is decisive. You must generally consider these factors in determining whether an activity is a business engaged in making a profit:

- Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and records.

- Whether you have personal motives in carrying on the activity.

- Whether the time and effort you put into the activity indicate you intend to make it profitable.

- Whether you depend on income from the activity for your livelihood.

- Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).

- Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.

- Whether you were successful in making a profit in similar activities in the past.

- Whether the activity makes a profit in some years and how much profit it makes.

- Whether you can expect to make a future profit from the appreciation of the assets used in the activity.

Arm yourself with knowledge! Contact us to learn how

12/31/2022

Most people probably only think about tax credits and deductions when they're completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of which credits and deductions make sense for them and the records needed to show their eligibility.

Stay armed with knowledge. Contact us to learn much more!
http://wix.to/6EhORTO

12/11/2022