Month: September 2011

As opposed to a decision earlier this month that was unfavorable to a prison guard (who was not allowed to deduct go – kart racing expenses) an ex – Boeing employee who started a glider training business, who was clearly passionate about flying, prevailed:
In 2002, was laid off from The Boeing …

When Does A Hobby Become a Business and Its Expenses Be Used As A Tax Write – Off? California provides us with today’s story. Mr. Phillip Doris has been a prison guard at San Quentin since

An IRS agent told a taxpayer, an executor of an estate, that the estate could  abate (or reduce)  interest on back – due tax debts because of long delays in receiving money to pay the IRS from a …

My first thought on this new voluntary disclosure initiative were not positive. But now, the IRS has given much more guidance with regards to people who were inadvertent tax evaders. Possibilities of much lower…

Currently, there are six different federal income tax rates that create income tax brackets. Briefly, the six different rates are 10%, 15%, 25%, 28%, 33%, and 35%.  As a general rule, which rate you fall into depends not just on …