Tag: Hobby vs. Business

Having a Business Entity Doesn’t Make Everything in Your Life Deductible

A Tax Court case ended poorly for a retired minister who tried claiming large business losses for a supposed business venture.  The minister, a Reverend Ronald Faust, created something called “MacLeisure Creations” after his retirement.  According to the Court report, “‘MacLeisure’ is a combination of Ronald Faust’s previous name, ‘Mac Keyes’, and the phrase ‘leisure […]

Read More