Hobby vs Business

Do you have hobby income or losses? The IRS expects you to report hobby income but if you currently have expenses for a hobby these are not deductible on your tax return. The good news is that If you turned that hobby into a business activity, you may be able to reduce your taxable income with those losses! Note: There are 9 factors that differentiate a hobby from a business. #TaxDeductions #TaxPreparation #Taxes #CPA #AustinCPA #GeorgetownCPA #RoundRockCPA #CedarParkCPA #LeanderCPA #IRSIssues #IRSsettlement #Taxproblems

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