Many people dream of turning their passionate pursuit into a money-making venture and there are tax incentives that could make converting an avocation into a business start-up an effective part of your overall tax planning strategy.
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hobby
Gregory S. DuPont
A Business by Any Other Name may be a “Hobby”
Mike Harris is the proud owner of a deep-sea fishing boat. Although fishing for tuna and swordfish isn’t his primary line of work, he takes the “Mariner’s Mermaid” out most weekends and often sells his catch. Although Mike considers fishing a sideline occupation, the Internal Revenue Service (IRS) may or may not agree with him. What Mike considers a bona fide business, the IRS may judge a hobby.