Tax lawyer Rob Wood discusses his Forbes article "Ten tips on deducting your hobby"

Robert Wood

(Forbes) Will the IRS pay for your hobby? The short answer is: No. But the more nuanced answer is: "Yes, Uncle Sam will sometimes subsidize your hobby." If, that is, you make it into enough of a real business.

If you want to avoid any IRS hassles, my standard advice is to keep business and personal pursuits purely separate.

Read the article pdf

Scott Drake talks with tax law expert Rob Wood.

 

Get the latest Legal Headline News with our free email newsletter