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Business or hobby? One of a tax professional’s favorite discussion topics concerns whether a taxpayer’s activity is a business or a hobby. There is no black-and-white line at which an activity is called a business or a hobby. The tax effect of an activity falling on the hobby side of the line versus the business [...]
The Grand Rapids Press is causing some consternation in the Coon household. My habit is to read selected portions of the Press, such as the sports and the business sections. I glance at the front page and usually read the “Perspective” section with the opinions and letters to the editor. However, Deb’s habit is to read [...]
Presidential election campaign brings up tax rates A picture of the 1945 Detroit Tigers baseball team sits in my office. They were the World Series champions that year. I know they only had to beat the Chicago Cubs, but beat them they did. Losing must have hard on the Cubs that year because they haven’t [...]
IRS needs bigger budget? I might have made a slight mistake last week in putting in writing that I thought we were becoming weather-wise close to Indiana. Evidently, the weather gods were just waiting for me to write that article, because it has been winter since that time. However, some people are happy with the [...]
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