To get my complete, FREE articlewith all the details… If you’re lucky enough to own a yacht, before you get on board, be sure you know the tax law. Why? Because if you don’t follow all of Uncle Sam’s rules and regulations, the IRS will torpedo your deductions! To get the full story CLICK HERE Here’s how to meet IRS requirementsand come out a winner. Rule … [Read more...]
Hobbies
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Don’t let business losses make you an IRS target
It’s a fact… The tax law has always treated your hobby activities unfairly. Now, tax reform under the Tax Cuts and Jobs Act has made things even worse. You see, thanks to this new legislation, you’re prevented from deducting any business expenses against hobby income. That’s right. Tax reform has turned your tax-law-defined, not-for-profit hobby activity into an unfairly … [Read more...]
A loophole lets you deduct hobby expenses after tax reform
Let me give you the bad news right at the top… Tax reform has killed the ability for you to deduct your hobby expenses. But — and this is an extremely important “but” — if you sell items as part of your hobby activity, the IRS allows you to deduct the cost of those items if you handle things the right way. That’s right. Thanks to an obscure rule that the Tax Reduction … [Read more...]
Tax Reform Puts Screws to Hobbies
Of the 20.5 million, over 15 million direct sellers such as distributors for Amway, Herbalife, and Mary Kay fall into the tax code defined hobby area. There’s likely millions of other unsuspecting taxpayers, too. Frankly, when your activity loses money, you could find yourself in tax code defined hobby hell. Let’s face it… Hobbies have been mistreated by the IRS for a … [Read more...]
The gambler’s guide to beating the IRS
What do you like to bet on? Poker? Craps? Roulette? Whatever your game, Uncle Sam is waiting to take his cut when you win big. That’s right. Your gambling income is taxable and reportable, and by law, casinos must report substantial winnings to the IRS. Odds are you want to protect your winnings, which is why my advice is a sure thing. Don’t wait. Read my new article … [Read more...]