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Millions of people enjoy hobbies that are also a source of income. From catering to baking
cupcakes, crafting homemade jewelry to wind chimes -- no matter what a person’s passion, we
as tax professionals must determine if our client has a business or Hobby.
The rules for how to report the income and expenses depend on whether the activity is a hobby
Sometimes the tax law is so obvious that one need not be an expert to conclude the result of a
case. But at times we allow ourselves to be so obscured in details that we can miss the obvious,
even in the world of complicated tax law.
This course provides a useful overview of determining if a business venture is a hobby subject
to limitations on deductions or if the business venture is truly a trade or business and
deductions are fully allowed under IRC Section 162.
1 IRS CE/1 NASBA CPE
Extrapolate & Critique the Nine Relevant Factors
Examine what is a “Trade or Business”
Interpret the presumption that an activity is engaged for profit
Explore relevant case law
Provide and evaluate Client Questionnaire on Trade or Business Factors Regarding Profit Motive
Formulate a plan on how to prove an activity is a trade or business when IRS says otherwise.
A.J. is an enrolled agent (EA) with over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. specializes in IRS Audits, Appeals, Collections,...
Tax Practice Pro, Inc., is a nationwide provider of live and webinar based continuing education. You can call us at 800-943-1750. Our website is www.taxpracticepro.com. You can e-mail firstname.lastname@example.org. For CE/CPE certificates or related issues, Nicole@taxpracticepro.com