If you are in tax debt with the IRS there is a way you can negotiate with the IRS to settle the amount you owe for less. This IRS program that allows for this is called an offer in compromise. As an attorney, I have negotiated lots of these for my clients. However, I know…
Monthly Archives: September 2008
Hobby vs. Business: Do you Depend on Income from this Activity
We are continuing on through the Hobby vs. Business series and have come to the second of the factors used to determine whether your activity should be considered a business or a hobby and we remember that this determination could make a huge impact on your tax returns and what you will owe the government…
Hobby vs. Business: Time and Effort to Make a Profit
In the series we started earlier this week Hobby vs. Business we briefly mentioned several factors that the IRS will use to determine if the activity you are engaged in is actually a business where you can deduct expenses that you incur in trying to make the business work or if it is actually just…
Federal Employees Owe the Boss
Most of my clients are small business owners and individuals who are getting “beat-up” by the IRS for the taxes they owe. They are constantly berated by the IRS employees they speak to on the telephone for not paying their taxes – no matter what the reason. Now, I understand it is the law that…
Hobby vs. Business: A Brief Overview
I am frequently asked if you have a “small” business in your home do you have to pay taxes on what you earn. Of course, you have to pay taxes on your net gain. So that leads to the next question. What type of expenses can I write off in my business. The IRS regulates…