How the IRS Views You: Home Business or Hobby?

Posted by MMarquit under Startups
From http://investorjunkie.com 4542 days ago
Made Hot by: Algernon00ps on June 18, 2012 12:28 am

Many budding entrepreneurs are interested in the ability to take a tax deduction for expenses related to home business activities. Even hobbyists can claim deductions on their tax returns. You need to know the difference.

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Comments

Written by HeatherStone
4540 days ago

The way the IRS views your business activity, as a hobby or a legitimate business able to deduct for business expenses, is dependent on a couple of factors and it's very important to understand these in order to really appreciate what legally constitutes a business.

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