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Professional Writer or Hobbyist?
IRS Criteria By Gary A. Hensley There is more to writing than the study of the craft itself. Most of you reading this have attended writers’ seminars, read books and numerous articles, visted Web...
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Self-Employed Business Losses and the Profit-Presumption Rule
The question of whether an activity, such as freelance writing, is a hobby or a business arises when losses are incurred. Early business losses in any endeavor are not really all that unusual; however,...
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Partnership Loss Limitations
Deductible Losses Cannot Exceed Your Partnership Basis Your deductible share of partnership losses may not exceed the “adjusted basis” in your partnership interest. If your share of the loss exceeds...
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YOU’RE INVITED! WEBINAR TONIGHT!
June 4: Gary A. Hensley The Business Aspects of Being a Professional Writer Whether you’re a beginning or an established writer, learn how to keep more of your writing income. In plain language,...
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Christian Communicator Interview – September 2013 issue
My interview with Elizabeth Syson for the Christian Communicator is now in print in the September 2013 issue. The title is “Do Taxes Tax Your Profit?” and it starts on page 7. It is the cover story...
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Recent U S Tax Court Decision Allows Long History of Annual Losses
In a recent decision (August 14, 2013), the U S. Tax Court ruled that a musician’s long history of annual losses won’t trigger the hobby loss rules [Gullion, Tax Court Summary Opinion 2013-65]....
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