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01/05/2017  |  By Wendy Byford In WENDY'S BLOG

Business or Hobby?

Do You Have a Business or a Hobby?

If you have a home-based business, chances are someone told you that one of the advantages to your business is that you can write off all your expenses, including things that were previously paid by you personally.

Is this true? Well that depends – and the biggest “depends” consideration is whether the IRS thinks you have a business or a hobby.

If you have a business, you can write off all your business related expenses, even if it creates a business loss.

If you have a hobby, the total amount of your business expense write off cannot exceed the income you made.

While there are no hard and fast rules that the IRS uses to determine the status of your business, there are several areas, discussed in this video, that they look at.

Business or Hobby
VIDEO

Article by Wendy Byford

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Welcome to Wendy Byford. We help women establish home-based businesses to empower their dreams.

After three decades helping large, international customers solve complex business challenges, Wendy took early retirement from Corporate America to begin investing and to coach small business clients.

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RECENT POSTS

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BLOG CATEGORIES

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  • WENDY’S BLOG
  • FITNESS & HEALTH
  • FINANCE
  • FOOD & NUTRITION
  • SPIRITUAL LIVING
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