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Run a business “on the side”? Make sure it’s no hobby
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 265
Abstract: A business that’s run “on the side” might not be a business at all in the eyes of the IRS. To ensure some pursuits are really businesses — and not mere hobbies intended primarily to offset other income — the IRS enforces what are commonly referred to as the “hobby loss” rules. This brief article looks at the details.