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All work and no play makes for a very long day. Take a break and play a couple fun games. Don’t forget to get back to work though as they can be ‘too’ much fun. Downloadable and play online versions available for you to enjoy.
If a business has losses year after year, the IRS may disallow them on the grounds that the owner is engaged in a hobby activity and lacks a profit motive. A finding that an activity is a hobby because there’s no reasonable profit motive means all income from the activity must be reported, but no [...]
A self-employed individual may deduct various business expenses. However, as a recent Tax Court decision points out, you must actually function as a going concern (an active trade or business) to take deductions on Schedule C (Vardan Antonyan, TC Memo 2021-138). In this case, the taxpayer had a business plan to develop realty into parcels [...]
The IRS announced the optional standard rates that can be used for certain driving costs in lieu of deducting actual costs (Notice 2022-3). For 2022, the rate for business driving is 58.5 cents per mile, up 2.5 cents from 2021. The rate for driving for medical purposes—to the doctor, pharmacy, physical therapy, etc.—is 18 cents [...]
The CMS announced premiums and deductibles for Medicare in 2022 (CMS.gov, 11/15/21). The basic Part B monthly premium for 2022 is $170.10, or $21.60 more than in 2021. For those with modified adjusted gross income (MAGI) in 2020 over a threshold amount, there is an additional Part B and Part D premium in 2022. The [...]