There's a rumor out there that you can stop filing tax returns when you turn 72. This rumor is not true.
The concept of “games behind in the loss column” is really only relevant if two teams have played an unequal number of games. Why do pundits use this terminology so much? Because it reflects how much a team “controls its own destiny.”
It's a holiday week, so I'm re-posting popular stories from the past. A few years ago a show called "Extreme Couponing" was on TV. I decided to explore the tax consequences of people who use dozens (or sometimes hundreds) of coupons to end up paying almost nothing at the grocery store. A common search term that [...]
Image courtesy of Pixabay.com This post from 2011 is quite popular. It's about a person in Minnesota who had a drag racing team which showed substantial losses each year. He took those losses as business deductions on his tax return, but the IRS and Tax Court said "no." The moral is: if you say [...]