hobby »
Mission to Mars is a Hobby
One taxpayers attempt to be a part of Mars exploration was held to be a hobby and not a business. Mars Advanced Exploration & Development, Inc. (MAXD) was started in 2003 to development technologies
Read More »
Dragster Spins Out Before Tax Court
A weekend drag racer failed to show that he was engaged in a business enterprise and was denied business expense deductions, but his wife’s horse breeding business did qualify. With a 1986 Chevrolet Rally
Read More »
A hobby or a business activity?
Top Takeaways 1: Hobby is something you pursue without expecting to make a taxable profit There are many factors considered by the IRS when deciding whether certain activities are a business or a hobby.
Read More »
Is Your Venture a Business or Hobby?
Many people dream of turning a pastime they have always enjoyed into a business venture. What are some of the federal tax implications? In general, an activity qualifies as a business if it is
Read More »
