Tax record-keeping tips
Nothing lasts forever, but you wouldn’t believe it by looking at some people’s record-keeping systems. Prolific pack rats insist on keeping every scrap of paper, just in case. And when it comes to tax...
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Lawyer’s ‘International Consulting’ A Hobby, Says Tax Court
Will the IRS pay for your hobby? Not usually. But sometimes yes if you can make it enough of a real business. Kurt Strode should have known this. See Strode v. Commissioner. A California attorney,...
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Five Tips To Make Your Hobby Tax Deductible
Will the IRS pay for your hobby? The short answer is no. The more nuanced answer is sometimes, provided that you make it enough of a real business. If you want to avoid any IRS hassles my standard...
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Three (Incredibly Simple) Rules To Keep The IRS Away
We all have to pay taxes and no one wants any trouble. Follow these three simple rules and you’ll reduce your chances of grief from the IRS: 1. Keep Good Records. You might think good records help...
View ArticleGive Tax Records a Mid-Year Tune-up this Summer
During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you’ve paid over the past few months might qualify for money-saving tax credits or deductions...
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