business deductions »
Mission to Mars is a Hobby
One taxpayers attempt to be a part of Mars exploration was held to be a hobby and not a business. Mars Advanced Exploration & Development, Inc. (MAXD) was started in 2003 to development technologies
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Dragster Spins Out Before Tax Court
A weekend drag racer failed to show that he was engaged in a business enterprise and was denied business expense deductions, but his wife’s horse breeding business did qualify. With a 1986 Chevrolet Rally
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Is Peyton Manning’s 50 Percent Tip Tax Deductible?
After a recent dinner in North Carolina, Peyton Manning left a $314 tip. While the amount of the tip is more than most spend on a nice dinner out, the tip was more than
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Business Use of Home Deduction
Overview: If you use part of your home for your trade or business you may be able to deduct some of the expenses. While many people work from home, not all will qualify to
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