That’s what the Tax Court concluded for a well-paid full-time manager who ran film festivals that weren’t profitable. His expenses were not deductible beyond the revenue he took in. He lacked a profit motive, as evidenced by not keeping records, having a formal budget, and lacking expertise in running a small business or organizing a film festival.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health