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TAXES - BUSINESS OR HOBBY? In Pennsylvania
Which one are you doing I got my business license years ago but was wondering since I'm part time detailing should I claim as a hobby.
Been claiming (D.B.A) business taxes (BPT & NPT) for years now, but getting older and slowing down now, it's back to being more of a hobby
Hobby or Business IRS Offers Tips to Decide | Internal Revenue Service
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Re: TAXES - BUSINESS OR HOBBY? In Pennsylvania
If I remember correctly, the big difference is losses. In a hobby, expenses can only be taken to the extent of revenue, ie you cannot report a loss, only profit and break even. Business you can take a loss.
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