Hobbies provide a great way to relax from the daily grind. For many people, they also offer a way to make extra spending money. Be aware, however, when your hobby produces income, you owe tax on it. You can reduce your taxable
Does your pastime make money? Turning it into a business could provide tax advantages.
You can't write off the loan, but how you use the money determines what you can deduct.
You can't claim a deduction for your health plan at the corporate level, but you can on Form 1040.
The protective gear is tax deductible, but do the math to be sure it makes sense to itemize.
Scored a seasonal job? How it's classified will affect your taxes.
Find out how one of the most popular tax benefits for families, an FSA, can help you.
Sole proprietors have tax form options when it comes to reporting business income.