Find the latest Hurricane Ida tax relief update, as well as a surprising tax court ruling in our latest edition of This Week In Tax.
In 1997, Congress gave the Treasury the authority to postpone certain deadlines by reason of Presidentially declared disaster. (In 2002, it was extended to include terroristic or military actions.) This authority has been invoked many times since then, most recently for those suffering the effects of Hurricane Ida.
Most everyone has a hobby. Some percentage of those with a hobby earn money from their efforts. Gardeners sell their prize winning roses or even the whole bush. Breeders sell their adorable Labradoodle puppies. Clients often ask us to deduct the costs associated with their hobbies on their tax returns.