Thinking about starting a new business? Well, if you know how to play the game, you can begin earning tax benefits as soon as you start thinking about creating your new business! You see, Uncle Sam wants to encourage people to create new businesses so he offers some hefty tax breaks for budding entrepreneurs. He’ll even let you deduct preliminary thinking time! Want to … [Read more...]
Hobbies
Sorted by Date
3 ways to beat the “hobby loss” rules
There are many unfair IRS rules that badly hurt taxpayers. Perhaps the worst of the lot are the “hobby loss” rules. Here’s the story… If your business has produced losses in multiple years, you’ll want to use these losses to offset your other taxable income. But if the IRS decides your business really isn’t a business at all, but instead is a mere “hobby,” you’ll lose your … [Read more...]
How coin, stamp, and baseball card collectors can keep the IRS happy
Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]
For buyers of gold, art, antiques, or stamps
Are you a collector of gold, antiques, or stamps? If you are, it’s important to know the relevant tax laws. You see, if you understand the IRS’s rules and regulations, you may be able to deduct a lot of your expenses and slash your tax bill! Want to learn how proven, completely legal techniques can save you big money? Then start collecting the money-saving ideas you’ll … [Read more...]
How to deduct tax losses if your business fails
You started a new business with enthusiasm and hoped it would succeed. You worked hard and gave it your best shot. But things don’t always work out. Your business may fail, and that’s when the IRS may tell you that the “hobby loss rules apply.” This means you’re going to lose some and perhaps all of your tax deductions for this failed business. But don’t give up hope! If … [Read more...]