If you’re in the business of gambling, you just got lucky. You see, the Tax Court, in a new precedent-setting case, has decided that you may now deduct business expenses in excess of gambling losses! Before you head off to Vegas or Atlantic City, read my fact-filled article titled Tax Tips: New Tax Court Ruling Makes Gamblers Rejoice. Three ways our fact-filled article can … [Read more...]
Losses
Sorted by Date
Don’t let the IRS call your business a “hobby”
Are you running a business that’s losing money? Careful! The IRS might claim that your business isn’t a business at all but a “hobby.” Which means you won’t be able to deduct your losses! My name is Murray Bradford, CPA and the Publisher of the Tax Reduction Letter. I’m writing today to urge you to read my brand new article that may save you a ton of money! CLICK HERE to … [Read more...]
Tax tips for owners of multiple businesses
Did know that when you own more than one business, you need to consider the IRS’s “grouping” rules that apply for passive loss purposes? At first glance, the need for this disclosure may cause you to groan. But it shouldn’t. You see there’s a useful audit-proofing aspect to this disclosure that can actually work for you! You’ll get the details when you read our new article … [Read more...]
Income tax on debt relief
If you are personally liable for a debt, and that debt is canceled or forgiven, you must include the canceled debt as taxable income on your income tax return. Will you have to pay taxes on this income? You’ll find answers to this and other important questions when you read my new article titled Tax Tips: Income Tax on Debt Relief. Three ways our fact-filled article can help … [Read more...]
Tax tips for your rental, non-rental, and business losses
Nobody likes to take a loss on their business, rental, or non-rental investments. But there is a (somewhat) bright side to these losses. You can deduct them and put that cash where you need it. In your pocket. That’s why you should read our new article titled Tax Tips for Rental, Non-Rental, and Business Losses. It will show you how to build your net worth by handling your … [Read more...]