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Bimonthly Newsletter

Volume 2, Issue 3 | May 2022

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PMHCC Staff and Partners celebrated a successful Tax Season with a delicious lunch from Backyard Bistro catering!

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Please note: Our office will be CLOSED on Monday, May 30 in observance of Memorial Day.

How to tell the difference between a hobby and a business for tax purposes

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A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many people engage in hobby activities that turn into a source of income. However, determining if that hobby has grown into a business can be confusing.  To help simplify things, the IRS has established factors taxpayers must consider when determining whether their activity is a business or hobby. To learn more about these factors, CLICK HERE.

Taxpayers should open and carefully read any mail from the IRS

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The IRS mails letters or notices to taxpayers for a variety of reasons including:

  • They have a balance due.
  • They are due a larger or smaller refund.
  • The agency has a question about their tax return.
  • They need to verify identity.
  • The agency needs additional information.
  • The agency changed their tax return.

If you receive a letter from the IRS, you should read it carefully and completely. It will contain the reason for the letter and instructions on what to do.  Respond in a timely manner and always keep a copy of the original letter and any payments made for your records!  If you receive a letter, we strongly recommend that you share it with your PMHCC Consultant so that they may advise you on the next steps.

🔆Download the 2022 Tax Due Dates Guide in the helpful resources section below!

⭐Staff Spotlight⭐

Andrea Johnson

Account Analyst, FPC

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Andrea Johnson is an Account Analyst and has been with PMHCC for 8 years.  She began her accounting career as an apprentice in a CPA firm while still in high school. During her many years in accounting since then, she has worked in various CPA firms providing payroll, accounting, and tax services to her clients, and has earned her Fundamental Payroll Certification. She enjoys servicing our client’s needs and searching for the most efficient ways to help them. Andrea is married with a daughter and son. When not at work she enjoys spending time with her family, watching sports, and taking trips in her camper.

"To me accounting is like a puzzle. You're given a piece of information and you have to find the correct place to put it so that in the end you have a picture to view. I enjoy solving that puzzle to provide clients with their financial picture to see every month."

Helpful Resources

Client Referral Program

Contact your consultant today to learn how you can earn $500 cash for referring a friend or colleague to us! *Reward contingent upon referee maintaining PMHCC services for 3 months minimum.

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Professional Management Healthcare Consultants, Inc

Raleigh Office

9207 Baileywick Road

Raleigh, NC 27615

Phone (919) 876-9711

Wilmington Office

(By Appointment Only)

1213 Culbreth Drive, Suite 116

Wilmington, NC 28405

Phone (910) 798-6000

Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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