If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a […]
“Ordinary and necessary” expenses incurred in the pursuit of a trade or business are generally deductible. But in one case, most of the expenses claimed by a married couple were denied. The husband, a high school coordinator and coach, failed to prove that costs for meals, telephone, seminars, software, “student motivation” and more were business […]
On March 16, the House Budget Committee approved the American Health Care Act, the bill to repeal and replace the Affordable Care Act. The vote was 19-17. The committee merged the two bills marked up by the House Ways and Means and the House Energy and Commerce committees. No changes were made. The committee was only […]
Taxpayers traveling “away from home” can deduct ordinary and necessary expenses incurred in a trade or business. But when nonresident alien students at foreign universities, who participated in a summer work-travel program, deducted travel costs to and from the U.S. and certain living expenses while here, the IRS denied the deductions. The U.S. Tax Court […]
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