Learn how the IRS distinguishes hobbies from businesses, key criteria, tax implications, and strategies to prove a profit motive.
By attending this presentation on Hobby Loss Rules, participants will gain a clear understanding of how the IRS distinguishes between a profit motivated business activity and an activity that is for personal enjoyment and tax benefits. You will learn the tax implications of that classification and the potential financial consequences of misreporting. The session will cover key IRS criteria, real-world court cases, and practical strategies for proving a profit motive to ensure compliance and avoid costly audits or penalties. Whether you're a small business owner, freelancer, or someone earning income from a passion project, this presentation will provide essential insights to help you maximize deductions legally and safeguard your financial interests.
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