Tax accounting for hobby income and expenses

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If you have an active hobby then you might find that you make some money at it. But it is important to recognize that the IRS makes a distinction between businesses run for profit and those that are hobbies without a profit motive. This post summarizes the four key differences in tax accounting between the two. […]

Proposed Sandy tax relief for individuals and businesses

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These measures are proposed June 2013 and appear to have a strong chance of passage. (My source is NJSCPA.org).   Individuals: Waiver of Adjusted Gross Income limitation for theft/loss deduction, so individuals can deduct the cost of uninsured losses.   Increased Charitable Contribution Limits: The legislation increases charitable deduction limits of taxpayers with respect to cash […]