This is the time of year when I have to chuckle when people get excited they are getting their tax refund.
It's like a gift from heaven our benevolent federal government sends you a refund, just at the right time when you need it!
Few people realize if they are getting a refund they were paying too much in taxes all year long.
Our brilliant lawmakers have saddled the American public with a tax code that is over 55,000 pages in which even the most astute tax professionals can't agree how to interpret.
Over the years Congress has picked winners and losers using the tax code to reward cronies and punish enemies. It doesn't take those in a tin foil hat to realize the IRS can be weaponized - and is on a regular basis.
When you have a small business that is not incorporated, you file a Schedule C with your income taxes that details the profit and loss from your business. If you operated at a loss, it is a direct reduction of your taxable income. A family making $50,000 per year in taxab...