Hobby Income refers to the earnings generated from activities that individuals engage in primarily for pleasure rather than for profit. This type of income has specific tax implications and is distinct from business income.
An in-depth look at the regulations, categories, and key considerations regarding the deductibility of meals and entertainment expenses in a business context.
Qualified Sponsorship refers to payments received from sponsors where the sponsor does not receive any substantial return of benefits. This concept is critical in determining the exclusion from Unrelated Business Income (UBI) for non-profit organizations and other entities.
Comprehensive guide to understanding the principal place of business test for home office deductions.
Comprehensive overview of tax benefits, including tax credits, tax deductions, and tax exemptions. Learn about eligibility criteria, different types, and IRS rules to reduce your tax liability.
