If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business.
Turning your hobby into a business means you can deduct qualified business expenses. But that’s only if you do it right. The IRS has certain criteria that must be met, or your hobby-turned-business could be challenged. Give us a call to find out more.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.