Huth Thompson LLP

Posts Tagged ‘IRS taxes’

Is Your Hobby Actually a Business?

Millions of people have hobbies, but when your favorite hobby starts to turn a profit, the IRS may consider it a business. What is the difference? The IRS defines a hobby as any activity not pursued for profit, whereas a business is defined as any activity done with the reasonable expectation of earning a profit. It is important for taxpayers to…

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