Fix The Tax Code Friday: Hobby Loss Rules
2007 July 27
I’m in Chicago today for the BlogHer Conference, where I will be speaking about blogging and tax. One topic that I plan to focus on is the issue of hobby versus business, which I addressed earlier in an “Ask the Taxgirl” segment and in my Problogger guest post. Briefly, the IRS allows you more favorable tax treatment when you are running a business (for profit) as compared to when you are entertaining your hobby (for fun). So today’s Fix the Tax Code Friday question is:
Should there be a distinction between tax rules for income earned from a business versus a hobby?
