Tax Implications for Hobbies and Businesses
See this IRS Summertime Tax Tip 2008-12 for the tax implications of hobbies and businesses. Millions of Americans participate in activities for pleasure that can also result in a profit. Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting are but a few. Simply calling your hobby an Online Business does not make your personal expenses deductible.