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By month:October 2009

Tax Law Obliterates Hobbies

Lawmakers hate taxpayers’ hobbies. They apply the most draconian of all taxes to hobbies. If you have a hobby or are thinking of a hobby, read this article before you take step one.

How 1031 Real Estate Exchanges Work

This article gives you the nuts and bolts of the Section 1031 real estate exchange, including how with proper planning the Section 1031 real estate exchange can be nothing more than the sale of your old real estate and the purchase of the replacement real estate.

Pocket More Cash by Paying Transportation Fringe Benefits

You can use the transportation fringe benefit in lieu of wages. In fact, you can ask the employee to take a pay cut equal to the transportation fringe benefit. Amazingly, this swap of a pay cut for the transportation fringe benefit works out to give the employee an after-tax cash raise in pay and it puts cash in your pocket too.

Taxpayers Win Loss Deduction on Charter Fishing Activity

To deduct a loss on a charter fishing activity, you must materially participate in the activity. When the activity is organized as an LLC, you have more choices for material participation than a limited partner.

Transient Rule Applied to Business Motor Home

This article shows you how to apply the transient rule to use of a motor home for business purposes. By passing the transient test, your motor home can qualify for Section 179 expensing to the extent of business use.

IRS Audits Expanded to Six Years for Overstatement of Basis

If you understate your gross income by more than 25 percent, the IRS can adjust that return for six years, rather than the traditional three-year statutory period for audits. In this clarifying regulation, the IRS explains that an overstatement of basis counts as an understatement of gross income for the 25 percent test.


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