The Internal Revenue Service (IRS) states that the general rule is that an activity is a hobby if you do it for pleasure and not for profit. However, there are instances when an activity can be both a hobby and a...
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How To Minimize 1099 Hobby Income
In order to minimize 1099 hobby income, taxpayers should keep meticulous records of their activities. For example, they should track the time and money they spend on their hobby, as well as the amount of income generated. In addition, it’s important...
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