Hobby Loss Rules – The Burns Firm – Advisors of Complex Financial Matters

Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope

June 24th, 2025|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Hobby, Hobby Loss Rules, Tax, Tax Advisor, Tax Cuts and Jobs Act, Tax Deductions, TCJA, Texas CPA, The Burns Firm|Tags: cpa near me, Hobbies and Tax, Hobby Losses, tax, tax advisor, Tax Deductions for Hobbies, TCJA, The Burns Firm|

Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed [...]

Is Your Money-Losing Activity a Hobby or a Business?

October 15th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Write-offs, CPA, CPA near me, CPA Texas, Dallas CPA, Deductions, Hobby, Hobby Loss Rules, Services, Small Business, Tax, Tax Advisor, Tax Deductions, Tax Rules, tax write-offs, TCJA, Texas CPA|Tags: CPA, cpa near me, expenses, Expenses from Hobby, hobby, How to Determine if Your Hobby is a Business, Is Your Hobby a Business, tax, tax advisor, tax rules, TCJA tax rules, The Burns Firm|

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]

Pay Attention to the Tax Rules If You Turn a Hobby Into a Business

May 21st, 2024|Categories: Accountant, Accounting, Bookkeeping for Business, Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Hobby, Hobby Loss Rules, Record Keeping for Business, Tax, tax accountant near me, Tax Advisor, The Burns Firm|Tags: cpa near me, Dallas CPA, hobby, Hobby Tax Rules, How to avoid the hobby loss rule, tax, tax advisor, Texas CPA, The Burns Firm, Turning A Hobby Into a Business, What is considered a Hobby?|

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]