Declare Your Independence from Tax Mistakes

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I’m writing this the evening before July 4th. Richard and I are heading out tomorrow early to visit our son, David, at his new school. Between the beautiful grounds, the stable of horses and the cooler weather at his school’s higher elevation, I’m thinking of moving in!

Whatever it is that you did on the 4th, I hope you enjoyed it. In this week’s What’s Hot I want to tell you about three recent tax court rulings. In each case, mistakes in understanding and/or interpreting tax law left taxpayers paying a high price for bad information and bad decisions.

  • Charity loses 501(c)(3) status after flipping properties
  • Passive income isn’t passive when licensing IS the business purpose
  • Unprofessional Professionals land in self-employment tax mess

One of the reasons I like writing the What’s Hot each week is to make sure you are always up to date with the latest in tax news. I also hope that many of the cases I talk about are cautionary tales for those of you out there – especially those of you involved in charity work. Many things can go wrong out of that desire to do good and make a difference in the world! And, if you’re a member of our First Class Lounge you don’t have to wonder where you put that “interesting article on xxx,” because you’ll have access to all of the What’s Hot articles going back several years! Your first 30 days is free, so why not try out a First Class Lounge membership today?

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