Hobby vs. Business Tax Treatment

In order to qualify as a business for tax purposes, an activity must be actively engaged in for profit. To determine if a taxpayer has a profit motive, the IRS looks at various factors which are often subject to judgment. It is important for a taxpayer to be able to prove they are a b

IRS Announces Per Diem Rates for Business Travelers

Travel expenses are deductible to the extent they are considered business expenses. The Internal Revenue Service defines business expenses as, those that are ordinary and necessary expenses of traveling away from home for your business, professions, or job. If you are eligible for rei