To celebrate the Fourth of July, did you know that two presidents actually died on the 50th anniversary of Independence Day? John Adams, our second president, and Thomas Jefferson, our third president, died within hours of each other on July 4, 1826. Apparently the Declaration of Independence was one of the last things they agreed on, as they fought like cats and dogs when they were polititans! Here is a little history of them from the “Home of Heroes” web page:http://www.homeofheroes.com/profiles/profiles_jeffadams.htmlEveryone have a safe and sane Independence Day (don’t set your neighbor’s cat on fire, please!) andRemember, You can count on us to count for you!
Is Your Side Business a Hobby – It Better Not Be!
If you have a side business you generate revenue with, make sure you treat it as a business. Make sure you had a profit in three out of the last five years and operate the side business as a business. If the IRS decides it is a hobby, you can lose deductions and possibly be subject to the Alternative Minimum Tax on the gross income of the hobby. Here is a link to the IRS website discussing a hobby versus a buinsess:http://www.irs.gov/newsroom/article/0,,id=169490,00.htmlIf you have any questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can talk about it.Remember, You can count on us to count for you!
Identity Theft In Relation to Taxes Can be a Big Problem
Well, back from vacation in Laughlin, Nevada. How did I do in the casinos; don’t ask!People who have their identity stolen know about the credit issues, but what about potential tax issues? What if someone steals your identity then files fake tax returns using your information to get big refunds? You not only have to clean things up but deal with federal and state government agencies. What a mess! In an article in Accountants Today, Roger Russell goes over some of the problems:http://www.accountingtoday.com/news/identity-theft-taxes-fraud-irs-tigta-taxprotoday-63003-1.html?ET=webcpa:e2631:204199a:&st=emailJust another bad consequence of a horrible crime!Remember, You can count on us to count for you!