The IRS Says My Business Is A Hobby. Now What?

The IRS Says My Business Is A Hobby. Now What?
Memorial Day weekend was a bust in our home, since my wife and I were sick the whole time. So now that the fun is over, I was having a hard time coming up with something interesting to write that didn’t require hours of research. Then I got a tax question. It did require research, but ...

Dispute on Horse Racing Tax Turns into Memoir

Dispute on Horse Racing Tax Turns into Memoir
I don’t even know where to start with this case. It begins a standard hobby loss dispute on whether a Merrill Roberts can take a deduction on his horse racing losses, but turns into a full blown novel. I’ve even come up with a catchy title: “From Strippers to the Triple Crown: the Story of My ...

C. Johnson’s Drag Race

C. Johnson’s Drag Race
Most things aren’t deductible, and I think that’s pretty well understood by 90% of Americans. As much as I’d like to reduce my taxable income by the video games I purchase, or the model railroads I create, or on my personal aerial drones, I can’t. Unless, of course, they’re for my business, then I can ...