Today TaxMama® hears from Susan in the TaxQuips Forum, with an interesting twist. “I am an analyst with a high-tech firm and I teach one course a year at the University Extension in our area. While the course topic is related to my field, I don’t consider myself to be “in the business” of teaching. […]
Tag Archives: Hobby
Today TaxMama hears from Gayle in the TaxQuips Forum with a common misconception. She asks, “Do I have to become a business to write off expenses on my taxes? I make a product for a friend of mine. I buy all the materials. I do this to help their family business. They pay me for […]
Today TaxMama hears from Kari in the TaxQuips Forum who doesn’t know what to do. “I am an artist/crafter who occasionally sells at festivals and art fairs. I do not have a storefront, nor do I sell my items on my own website. I do not have a business license (and am not required by […]
FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]
Today Krishnan from the Internet is wondering. “I have a “Stamp Collecting Hobby” and spend about $2000 to $2500 each year. Are those expenses deductible under “Miscellaneous Expenses” when you itemize using Schedule A.”