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October 2023

REMEMBERING ALLEN THARP, CPA


To Our Clients and Friends of the Firm,


With a somber heart, we share with you that Allen Tharp passed away peacefully, surrounded by family, on October 5, 2023. Allen gave the gift of life through organ donation, and we are honored to be able to carry out his final wishes. 


Allen retired from Hamilton Tharp in 2021 after more than two decades of dedicated service to Hamilton Tharp as a Partner championing the sports division of the firm. Allen leaves a lasting impression on those who had the pleasure of working with him. We are forever grateful for Allen’s leadership and contributions to the firm.


Thank you for your love, prayers, and well wishes.


  • The Hamilton Tharp Family

HOBBY OR BUSINESS? UNDERSTAND HOW TO ESTABLISH A PROFIT-DRIVEN STRATEGY THAT LEGITIMIZES YOUR BUSINESS

Owning a business is an exciting journey filled with highs and lows. Establishing a clear, profit-driven strategy is one key factor that can tilt the scales toward success. The recent tax court case, Gregory v. Commissioner, highlighted how blurring the lines between hobbies and genuine business ventures can have significant financial implications. Not only did this case underscore the importance of clear delineation, but it also highlighted the potential tax pitfalls of not doing so. In this article, we’ll cover how to ensure your venture is seen as a legitimate business and not just a pricey pastime.

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WHAT TYPES OF EXPENSES CAN'T BE WRITTEN OFF

 BY YOUR BUSINESS?

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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2023 Q4 TAX CALENDAR:

KEY DEADLINES FOR BUSINESSES AND OTHER EMPLOYERS

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.


Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.

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WHAT'S NEW AT HT2!

Welcome Alexa!


My name is Alexa Loera, and I am the newest Staff Accountant I to join HT2! I have been with the firm since July of this year and have been learning all the ins and outs of tax preparation from this wonderful team. I am currently finishing up a Master’s in Accounting at National University with plans to sit for the CPA exam. I am native to San Diego and currently reside in Vista, CA. Outside of work, I enjoy swimming, hiking, and traveling.

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