Business or Hobby? Tax Implications

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year

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Posted in Business Expense, Hobby

Tax Record Keeping – What Should be Thrown Away?

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

You may choose any tax record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in

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Posted in Business Expense, Records, Tax Guidance & Preparation

Business Expense: IRS Publication 535

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

The mysterious “other” when we address business expense! Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a

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Posted in Business Expense, Tax Deductible Expenses

Keeping Good Tax Records: IRS Publication 583

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

In a tax emergency, would you be ready? Well– good tax records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are

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Posted in Business Expense, Cash Transaction, FBAR, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, Paying Taxes, Tax Deductible Expenses, Tax Guidance & Preparation

Can you take a home office deduction?

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

If you plan to run your small business out of your home you may be temped to “write-off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the

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Posted in Disallowed Expenses, Employee Business Expense, Estimated Taxes, Home Office, Self Employ, Small Business, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief

Quotes about taxes

Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?

When it comes to quotes about taxes, everyone has an opinion. These quotes about taxes reflect the opinions of their authors; their inclusion here is not an official endorsement of the sentiments expressed. "Taxes are what we pay for civilized

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Posted in Family, Intent To Levy, Intent To Lien, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Preparer
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