Business or Hobby? IRS Factors to Consider

Send us Fan MailWhether it’s the startup of your dreams, that side-gig to which you devote all your spare time, or your main moneymaker, if you’ve taken a big loss in your endeavor, while deducting your expenses as that of a business, there comes a time when the IRS will question whether you’re running a business or simply have a hobby.Businesses often lose money in the first few years of operation, but it’s expected that a legitimate endeavor will eventually begin to make a profit.Listen in to our show to learn the factors the IRS uses to determine if the activity is a business or hobby.Support the showResources: https://affordablebookkeepingandpayroll.com/resource-opt-in Become a supporter of the show: https://www.buzzsprout.com/1522381/support