Hobbies are a great way to spend the other 8 hours, but they are terrible from a tax perspective. Why? You are not allowed to deduct hobby expenses for tax purposes. This makes sense. If you could deduct hobby expenses almost everything would be deductible — trips to the zoo, your subscription to Professional Photographer magazine, and even that new digital camera you’ve had your eye on. If it’s a hobby expense, the IRS says NO. But is there a way to legally deduct those expenses and many more? The IRS says YES. Stop thinking hobby and start thinking business…
Deducting Hobby Expenses: Think Business - CBS MoneyWatch.com
Deducting Hobby Expenses: Think Business - CBS MoneyWatch.com
