by admin | Jul 23, 2023 | Tax
Two Tax Court decisions last month emphasize the wisdom of keeping separate accounts for your losing side gig. Donald Swanson had a charter fishing business. Susan & James Mercier played slots. In neither case were they able to establish that their activities...
by admin | Jul 18, 2023 | Tax
When that ship of yours that is coming in is visible on the horizon – a business that you have built or some assets that you shrewdly purchased long ago now ripe for sale- you need to think about how to deal with the associated tax on your gain. Just for...
by admin | Jul 10, 2023 | Tax
Antawn Jamal Sanders has probably set a record although he is not likely pleased. How close can you get to having a Tax Court petition be timely, but still have it be late? Mr. Sanders missed by 11 seconds, maybe 9 seconds depending on how you look at it. Or maybe we...
by admin | Jun 11, 2023 | Tax
Lance Wallach is an expert on abusive tax transactions – in a good way. He warns people about them and then helps the ones who didn’t hear his warnings or did not take the warnings seriously enough. A couple of weeks ago he called me to encourage me to...
by admin | Jun 2, 2023 | Tax
This is an update of my hobby loss roundup on March 26, 2024. Previous update was June 2, 2023. I should note that my new book Reilly’s Laws of Tax Planning (& Life!) includes a chapter on hobby loss cases which are the basis of the eighteenth law....
