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