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Video Tips: How to Distinguish Hobby Vs. Business for Tax Purposes

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If you are considering earning money from your hobby, it's important to understand the tax implications. According to the IRS, any income generated from a hobby must be reported on your tax return, but it is not eligible for deductions like business expenses. So how does the IRS determine if your activity is considered a hobby or a business? Watch this video for a brief overview.

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