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Posts Tagged ‘business income tax’

Businesses, Hobbies, and Taxes

October 06, 2014  |   Tax News   |   Tags: , ,  

These days, it’s becoming remarkably easy to make a little money doing something that a person usually enjoys as a hobby. For instance, a person who likes knitting can sell all sorts of creations on popular craft selling sites or even at street fairs. However, just because someone decides to make a little money on something they enjoy doesn’t mean that they are operating a business. In fact, the IRS views many activities as hobbies. ...