There are many people who enjoy hobbies. For some, their hobby is a source of income. For others, their hobby is a source of pleasure. Regardless of the reason for engaging in a hobby, there may be times when it is...
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When A Hobby Turned Into A Business
A hobby is a pastime or activity done for pleasure, typically one that is not work-related. Many people enjoy hobbies such as stamp collecting, knitting, or bird watching. But what if your hobby turns into a business? That’s what happened to...
Continue reading...What Counts As A Hobby For Taxes
What counts as a hobby for taxes can be a bit confusing for taxpayers. The Internal Revenue Service (IRS) has specific criteria for what can and cannot be claimed as a hobby loss on your tax return. Generally, the IRS requires...
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