“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...]
Tax Planning
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Are You a “Real Estate Investor” or a “Real Estate Dealer?”
“Are You a “Real Estate Investor”or a “Real Estate Dealer?” To get my complete, FREE articlewith all the details… Acquiring real estate can be a profitable enterprise, but to comply with the law, you have to decide who you are. Are you a real estate investor or a real estate dealer. Here’s how to check out your status. There are two general rules to keep in … [Read more...]
Tax Relief for Wildfires and Storms? You must be kidding
“Tax Relief for Wildfires and Storms?You must be kidding” To get my complete, FREE articlewith all the details… Sure, the IRS provides some tax relief for taxpayers who suffer from natural disasters such as severe storms, wildfires, hurricanes, floods, and tornados. But when you dig a little deeper, you discover that the promised “tax relief” Uncle Sam offers is … [Read more...]
Court Denies Clothing Donations To Goodwill and the Salvation Army
“Court Denies Clothing Donations ToGoodwill and the Salvation Army” To get my complete, FREE articlewith all the details… You’d think the IRS would make it easy for taxpayers to make donations to charities. Sadly, they don’t. The fact is, clothing donations and other items can trigger the “approval requirement” which can trip you up big time. My new article … [Read more...]
Why Some Business Owners Prefer Individual HSAs
“Why Some Business OwnersPrefer Individual HSAs” To get my complete, FREE articlewith all the details… Are you a business owner with fewer than 50 employees? Don’t want to provide health coverage to your employees? Then an HSA (Health Savings Account) may be a great alternative to consider. HSA basics. To have an HSA, you first need high-deductible health … [Read more...]