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 [...]
It's a holiday week, so I'm re-posting popular blog posts from the past. This is one of my favorites. It was among my first forays into editorial commentary and defending the EA designation.
From the Archives: How to Allocate the Deduction for Federal Estimated Tax Payments on Your Iowa Tax Return
Iowa allows a deduction for federal income taxes paid, including estimated tax payments. The deduction for estimated payments is not straightforward if you're filing your tax return as married filing separately.
Image courtesy of user gr8effect on Pixabay.com Here's a look back at the top-5 blog posts, based on page views, on my blog in 2015. This year's most-popular posts were mostly the same as last year: #5: Having a Side Business in Multi-Level Marketing Doesn't Make Personal Expenses Deductible This post came it at [...]
Taxation of emotional distress payments can be tricky. In general, the settlement money is taxable ... but not always.