Carrie C. Susz, EA

IRS released guidelines to help taxpayers determine if their businesses were, in fact, hobbies. Why does this make a difference? Well, you can’t deduct the expenses for a hobby beyond the amount that you earned from the hobby. It’s incentive to make your hobbies break even.  Here’s a link on how to determine for yourself if your business is a hobby.  We’ll see Tax Court’s input tomorrow.  (For that matter…the next few days.)