Do You Have a Business of Hobby?
As many taxpayers look for additional streams of income to either supplement their current earnings or to change careers and become their own boss, they face a common question. The question is if they incur losses in their endeavor is it a business loss, which would be allowed as a reduction of their Adjusted Gross Income (AGI) on their income tax return, or is it a hobby loss for which there is no deduction allowed? This book covers the factors the IRS utilizes in making such a determination.
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