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​IRS Small Business Week Tax Tip 2017-04, May 3, 2017

There are special rules and limits for deductions taxpayers can claim for hobbies. Here are five tax tips to consider:


  • Is it a Business or a Hobby?  For more about ‘not-for-profit’ rules, see Publication 535, Business Expenses.

 

  • Allowable Hobby Deductions.  Within certain limits, taxpayers can usually deduct ordinary and necessary hobby expenses. 

 

  • Limits on Hobby Expenses.  Generally, taxpayers can only deduct hobby expenses up to the amount of hobby income. 

 

  • How to Deduct Hobby Expenses.  See Publication 535 for the rules about how to claim them on Schedule A, Itemized Deductions.

 

  • Use IRS Free File.  Hobby rules can be complex and IRS Free File can make filing a tax return easier. Free File is available only through the IRS.gov website.


https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide


Gary Wilson, CPA​​​​​​​​​​​

Accounting and Tax Preparation                                                 

(614) 361-4760 * Westerville, Ohio 


We're here to make the accounting and tax preparation user friendly! ​​

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