Taxes From A To Z (2018): H Is For Hobby Loss Rules
It’s Taxes From A to Z! H is for Hobby Losses.
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You Gotta Eat: IRS Expects Real Businesses To Make Money
You may love what you do but at some point, you gotta eat. That’s more or less the word from Internal Revenue Service (IRS) when it comes to being an independent contractor. When you work for someone else – and you get a form W-2 – reporting your income is easy. You enter the information…
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Ask The Taxgirl: Am I Blogging As A Business Or A Hobbyist?
Taxpayer asks: I read your post about Mary Kay and I am still confused about hobbies. I own a bunch of blogs. I make money on some of them and I lose money on some of them. Does this make me a hobby? Taxgirl says: You’re right to be a little confused because this is…
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Ask The Taxgirl: Hobby Expenses
Taxpayer asks: I run a hiking group online, and lead regular events with about $25 expense for each and an annual subscription to meetup and admin supplies.Can this be a hobby tax deduction? I don’t make a profit, but sometimes get a contribution. Taxgirl says: It sure sounds like a hobby at this point. Any…
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Ask The Taxgirl: Running As Fast As I Can
Taxpayer asks: I saw on twitter that you ran a race this year so maybe you can help me. I run a number of races throughout the year and I occasionally win some money. My friend told me that I have to include that money on my taxes. Can I deduct the cost of the…
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Rethink Pink: Mary Kay May Be A Hobby, Not A Business
At my BlogHer session on blogging and tax, I raised the issue of hobby loss rules. This is an incredibly important matter not only for bloggers but others who work in small or home businesses. Just ask Brenda Konchar. Brenda Konchar, a Mary Kay Cosmetics representative, reported her Mary Kay activity as business income; the…