Is Your Sideline Activity Considered a Business or a Hobby?

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? Will the IRS consider your sideline a business and allow your loss deductions? If you have such an activity, we should have your attention. The IRS likes to claim […]

5 Rules for Turning Your Vacation into Tax-Deductible Business Travel

Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]

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