EB&K's Monthly Newsletter Tax and Business Alert!

New Tax Legislation Includes Congress recently passed several tax bills, most notably the Tax Increase Prevention Act of 2007 (Tax Increase Prevention Act), which contained the so-called "AMT patch."   Business Benefits of the Stimulus Act As you have probably heard, the recently enacted Economic Stimulus Act of 2008 (Stimulus Act) provided tax rebates for millions of individuals.   Are You a Business Owner of Hobbyist? Many of us would like to turn our hobby into a regular business. That's fine as long as the business turns a profit. And, it may be fine as well if the business produces a loss and you enjoy the activity; even better if the loss can offset income from your day job.