Tag: hobby

  • The Fine Line Between a Small Business & a Hobby

    The Fine Line Between a Small Business & a Hobby

    It’s a matter of work vs. fun, right?  No, the difference – at least from a tax perspective – is that you can fully deduct business expenses from income.  Under the new tax law, you can’t deduct any hobby expenses. No single factor is determinative, but you’re probably operating a business if:  You have a profit motive.…