For many years, the tax law has included provisions that restrict taxpayer deductions for losses incurred in “passive” activities. Passive activities include business activities in which an individual taxpayer does not materially participate. There are two basic ways a tax

In a recent case, a small business owner was denied deductions and hit with penalties because he failed to meet the tax law’s substantiation requirements. He provided a list of his business expenses along with numerous receipts that weren’t organized or indexed but did not provide any

The rising cost of health care has contributed to the growing popularity of health savings accounts (HSAs). An HSA is a tax-favored account that can be used to pay out-of-pocket medical expenses. To be eligible for an HSA, an individual must be covered under a high deductible health p