Tag Archives: hobby.loss

Bozo Tax Tip #1: The Eternal Hobby Loss

Posted on April 14, 2014 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

Posted in IRS, Taxable Talk | Tagged , | 1 Comment

The Goal of Profit Making Businesses Is to Make Profits

Posted on February 21, 2013 by Russ

I resisted the urge this morning to make another pun; besides, Tony Nitti already did with his headline, “Former NFL Tough Guy Bill Romanowski Gets Laid Out By Tax Court.” Yesterday, the Tax Court decided two cases related to horse … Continue reading →

Posted in Tax Court | Tagged , | 1 Comment

What a Drag

Posted on August 9, 2012 by Russ

A successful entrepreneur and life-long drag racing afficianado starts a drag racing business. The business isn’t profitable. The records, according to the entrepreneur, went down the drain when Hurricane Katrina destroyed their facility. The IRS alleges that the whole thing … Continue reading →

Posted in Tax Court | Tagged , | 1 Comment