For many creative professionals, the dream is to one day make a living from their writing. But what happens if you’re not making a living from your writing? Is it still a hobby, or is it a profession? The IRS doesn’t...
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What Is A Hobby On A Tax Form
People who have a hobby may wonder if they need to report it on their tax return. The answer to this question depends on how much money the hobby generates. If the hobby results in a net loss for the year,...
Continue reading...What Is A Hobby Expense Deduction
A hobby expense deduction is a tax deduction that can be taken for expenses related to a hobby. To be able to take a hobby expense deduction, the activity must be considered a hobby, not a business. There are a few...
Continue reading...How To Enter Hobby Income In Turbotax
If you are a self-employed individual, you may be able to deduct your hobby expenses on your income tax return. Here’s how to enter hobby income in TurboTax: 1. Start by selecting the “Self-Employed” option on TurboTax’s main menu. 2. Next,...
Continue reading...What Account To Post Hobby Expenses
When it comes to deducting your hobby expenses, knowing which account to post them in is key. Here are four tips to help you determine which account to use: 1. Consider the type of hobby you have. If your hobby is...
Continue reading...When Is It Income Vs Hobby
There are many factors to consider when determining if an activity is a business or a hobby. The most important determination is whether the activity is engaged in for profit. If the activity is engaged in for profit, it is most...
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