The Loss Denial Rule, often referred to in tax contexts, precludes taxpayers from claiming deductions for expenses or losses associated with activities not engaged in for profit, commonly referenced as 'hobby losses.'
A pension or profit-sharing plan set up by an employer for the benefit of employees, adhering to IRS rules, where contributions are deductible for the employer, trust income is not taxable, and employees are taxed only upon distribution.
A detailed explanation of the qualifying person criteria for obtaining the Head of Household filing status for federal income tax purposes.
