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Hobbies

A business based operation whereby the operating provides a service or product related to cultural and/or custom. Local and state governments require the hobby based businesses to conduct themselves in a similar fashion as regular business operations. Section 183 of the Internal Revenue Code provides the guidance in relation to federal taxation.

Hobbies – Business Perspective and Tax Compliance

02/08/2014

Many people turn their hobbies into a business function.  Not so much to make a living or make big profits, but more to help offset the costs of the hobby.  Whenever you go to one of those community fairs, the vendors at the respective booths are [...]