The Fine Points Of Claiming Charitable Deductions
One of the things we focused on was making sure that we had good acknowledgements on charitable contributions. If the charity did not include the right language, we followed up with them. I also coached charities I was involved with on this point. It was amazing how many did not get it.
An Unusual Tax Court Hobby Loss Opinion
Code Section 183, which does not actually mention hobbies, was part of the Tax Reform Act of 1969. The IRS issued regulations in 1972. Both the Code and the Regulations are virtually unchanged since then, so we have nearly 50 years of relevant case law.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.