by Leif Jensen | Jul 6, 2021 | Running a Business |
Reporting hobby losses continues to be an audit red flag, it has been and will remain so. The IRS is always on the hunt for taxpayers who year after year report large losses from hobby-sounding activities on Schedule C of the 1040 to help offset other income, such as...
by Leif Jensen | Jul 5, 2021 | Rant |
School districts around the country have banned dodgeball, according to Fox News, “researchers argue that there is a ‘hidden curriculum’ of dodgeball that reinforces the oppression of those ‘perceived as weaker individuals through the exercise of...
by Leif Jensen | Jun 30, 2021 | Taxes |
Businesses can deduct 100% of restaurant meals in 2021 and 2022.The late 2020 stimulus law provides temporary relief from the 50% haircut that normally applies to the business meals write-off. The easing applies only to food and beverages purchased at a restaurant for...
by Leif Jensen | Jun 29, 2021 | Running a Business |
Deducting race car expenses through a construction firm draws IRS scrutiny. A father and son owned an S corporation that built houses and developed real estate. The son enjoyed car racing, so the company purchased a race car body and parts for the son to restore and...
by Leif Jensen | Jun 28, 2021 | Rant |
William Shakespeare wrote in Henry VI, Part 2, Act IV, Scene 2 “The first thing we do, let’s kill all the lawyers”. It is among Shakespeare’s most famous lines, as well as one of his most controversial. Counter to that has been a trend in law...
