News & Articles

Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

Posted on Wed, Jul 26, 2017

There's a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think of that side activity as a business and hope to deduct any losses on your personal tax return. But the IRS may disagree and reclassify the money-losing activity as a hobby.

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Tags: Hobby vs Business, IRS, Business Activity Rules, Losses

Get Up and Running After a Disaster

Posted on Thu, Sep 29, 2016
If your business is hit by a hurricane, windstorm, blizzard, or other natural disaster, or if it falls victim to arson or terrorism, you might have to close up shop for a while. As a result, you could suffer a major loss of income.

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Tags: Income, Crisis Management, Losses, Damage, Disaster

Who Are the Latest IRS Targets? A List of 22 Audit Triggers

Posted on Thu, Aug 07, 2014

What triggers an IRS tax audit? While the IRS isn't about to publish a list, there are a number of items that are known to raise the IRS's interest in a return.

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Tags: EHTC Article, IRS Audits, Gambling, Foreign Bank Accounts, Deductions, Home Office, IRS, Alimony, Newsletter, Articles, Charitable Contributions, IRS Tax Audit, Unreimbursed Employee Business Expenses, Taxes, Unreported Income, Losses