Operating Losses: Prove Your Hobby Is a Business
Be ready to prove that your hobby is a business if you want to write off your losses. If you intend to earn a profit from engaging in your favorite hobby — a hobby business — you may be able to deduct your hobby-related expenses or losses from your income and lower your tax bill. […]
The Home Office Tax Deduction
When you use part of your home for business, you may be able to deduct expenses for what the IRS calls the “business use of your home.” If you meet the technical requirements of the tax law, you should be able to deduct a percentage of many of the costs of running your home, such […]