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Rich, Famous, and in Arrears to the IRS: Recent Celebrity Tax Debacles

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TurboTax Articles

When the IRS Classifies Your Business as a Hobby

If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.

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efvann

Interesting.... a two to one ration of ethnic backgrounds which didn\'t pay their tax burdens. And they are incarcerated for criminal activities at more than a two to one ratio. Makes one wonder what\'s really the cause of all this crime, if not an cultural/behavioral thing.

April 17 2013 at 12:34 AM Report abuse +1 rate up rate down Reply
Hitmanblues

If the rich and famous would quit being so greedy and pay their taxes instead of hoarding they would not have problems in this area.

April 14 2013 at 10:50 AM Report abuse rate up rate down Reply
1 reply to Hitmanblues's comment
byronre

You failed to mention the 350 billion in back taxes owed by federal employees

April 16 2013 at 8:36 PM Report abuse rate up rate down Reply
rkeeeballs

Millionaire tax cheats......what else is new ?

April 14 2013 at 10:34 AM Report abuse +1 rate up rate down Reply
streetsweeper57

Besides money what does she see in that creep? Pomous with anger management issues! They say when you have sex with someone you are having sex with all of their past partners and all of their past partners so he\'s definately carrying some cooties!

April 13 2013 at 9:28 AM Report abuse +1 rate up rate down Reply
momavera

Hi.....didn't expect to see you here this morning

April 13 2013 at 8:25 AM Report abuse rate up rate down Reply
Paul MacLeod

an incredible foolish and malicious article.. why would you write it in the first place..???? what are you trying to accomplish ? you make it sound like it's the IRS who is a victim.. when are nothing more than a collection agency for the federal reserve and a bunch of thugs.. why not write a story about the federal reserve.. how federal is it.? who owns it.. how do they make money .. or create money of thin air ? explain why the IRS was formed.. instead you attempt to vilify innocent citizens ..

April 13 2013 at 7:24 AM Report abuse +2 rate up rate down Reply
1 reply to Paul MacLeod's comment
clarita995

aaaaaaaaaiiiiiiiiiiiiiiiiiyaaaaaaaaaaaaaaaaaaaaaaa
malicious ?
these morons are in their own elitist class and thought they didn't have to pay tribute like ALL THE REST of us.

April 13 2013 at 11:20 PM Report abuse +1 rate up rate down Reply
flfisherjc

The colors need to match.

April 13 2013 at 12:51 AM Report abuse rate up rate down Reply
YO REF

i hate ******** that have to write storis like this. mind your ownf------ business.

April 13 2013 at 12:23 AM Report abuse rate up rate down Reply
carolinacookie4

Maybe if Tiger would find himself a nice black girl, things would go better.

April 12 2013 at 10:55 PM Report abuse +1 rate up rate down Reply
Jorge

Hugh Hefners wife is just as pretty as Tiger's gal. Tell you something Tiger?

April 12 2013 at 10:17 PM Report abuse rate up rate down Reply