Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Tax Law Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that...
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax-home, and it’s not necessarily in the same town where you have your personal residence. Tax Law If you have more than one business location, one of the locations...
When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? Tax Law The rules also affect your costs during the day. When you have an overnight business travel day,...
Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? The Culp’s Case Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage,...
The PayPal loophole is going away in a little over six months from now. In Practice You used to be able to avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. This pushed the reporting requirements...
