How to Determine if Your Hobby is a Business – The Burns Firm

Is Your Money-Losing Activity a Hobby or a Business?

October 15th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Write-offs, CPA, CPA near me, CPA Texas, Dallas CPA, Deductions, Hobby, Hobby Loss Rules, Services, Small Business, Tax, Tax Advisor, Tax Deductions, Tax Rules, tax write-offs, TCJA, Texas CPA|Tags: CPA, cpa near me, expenses, Expenses from Hobby, hobby, How to Determine if Your Hobby is a Business, Is Your Hobby a Business, tax, tax advisor, tax rules, TCJA tax rules, The Burns Firm|

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]