by Steven J Weil, PhD, EA, LCAM | Aug 15, 2023 | Blog, Business Tax, Personal Tax
What is the difference between a business and a hobby — and why is it important? Businesses are motivated by profit, while hobbies are about the joy of the activity not the desire to make a profit. The distinction is important because when you have a business...
by Steven J Weil, PhD, EA, LCAM | Dec 29, 2022 | Blog, Business Tax, Uncategorized
If the IRS decides that your business is actually a hobby, its losses are classified as “hobby losses” and may not be deductible, even against that year’s income from the hobby. In today’s economy, it is not unusual to have more than one source of income....