In case you haven’t heard, there were some significant income tax law changes effective January 1, 2013 and for the most part, income taxes went up. Why is this important for buyers? You see, some folks who place prices on practices will use the profit and loss reports from the most recent year. Now sometimes…Read More→
Tag: income tax
Is it a Hobby or is it a Business?
Here are some recent tax court rulings: Income Tax—Private Coaching Activity Is Not a Hobby: The taxpayer was an assistant track coach at Oregon State University, an athletic coach for Nike, and had long been involved with coaching and other activities connected to track and field. He began private coaching activities in addition to teaching and…Read More→