Looking for tax shelter?
Samer Mikhail, MD, was.
At least, that’s what the court said.
What to Expect
In this article, you will see how the IRS convinced the court that the losses from Dr. Mikhail’s side business were not deductible because he simply wanted tax shelter, not business profits.
And then you will see what you can do to make sure you don’t suffer the same fate. Overcoming the hobby loss rules to make your side business losses tax deductible requires you to keep a couple of pretty easy tax records.
In 2004, Samer Mikhail graduated from the New York College of Osteopathic Medicine.
That same year, Dr. Mikhail’s dentist recruited him as an Amway distributor and Dr. Mikhail began operating his Amway distributorship under the name “The Logos.”
Dr. Mikhail attempted to operate his Amway business during his medical residency at ... Log in to view full article.