“Protect Aircraft-Leasing Tax Deductionsfrom the IRS Hobby Loss Rule” To get my complete articlewith all the details… Not everyone can reach into their pocket and pull out enough cash to pay for an airplane. That’s why you should consider paying for your plane through a leasing arrangement. When you go the leasing route, you can: Defray the costs of … [Read more...]
Hobbies
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The danger of the hobby loss rule
“The danger of the hobby loss rule” To get my complete, FREE articlewith all the details… The story in a nut shell It’s a fact. An income-generating, but tax-law-defined hobby, can create huge taxes for you without allowing you to expense deductions against the income—an unfair result to be sure. Be aware! The hobby loss rule can have significant negative … [Read more...]
NFTs and Taxes: New Rules and What You Need To Know Now
“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]
Is Crowdfunding Taxable?
“Is Crowdfunding Taxable?” To get my complete articlewith all the details... Want to give away your money? Crowdfunding makes it easy. Web sites like GoFundMe, Kickstarter, and hundreds of others let members of the public and businesses support all kinds of causes by giving away small or large amounts of money. Check out this surprising fact. The amount of … [Read more...]
Is Your Sideline Activity a Business (Good) or a Hobby (Bad)?
To get my complete, FREE articlewith all the details… Do you operate a sideline business that produces tax losses? Are they tax losses that you deduct on your Form 1040? Then be prepared to prove to the IRS that your money-losing sideline business is a valid business and not a hobby.You see, if the IRS can claim that your sideline business is simply a hobby, you … [Read more...]