• Audit Techniques for Hobby Losses
  Many taxpayers have hobbies that earn a bit of income and the IRS states that in such cases, expenses can be written off only to the extent of sales. A break-even proposition at best. So if you love photography and your buddy pays you $500 to shoot his wedding, you can write off all of your expenses up to $500 against that taxable income. But you cannot dip to the negative side and show a loss.
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