October 28, 2024 / by Brett Hess / Tax
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 that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, […]
Read more
Accounting | Insurance | Financial Planning| Call us at 301.698.0795
Is your money-losing activity a hobby or a business?
October 28, 2024 / by Brett Hess / Tax
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 that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, […]
Read more