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2. Internal Revenue Code section 183 - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   For a business (activity engaged in for profit), income and expenses are listed on Schedule C (and the net income result carries to line 12 of the Form 1040). All expenses are used, even if they create a net loss. For a hobby (an activity not engaged in for profit), income and expenses are listed separately.

3. Heads up if you’re a freelancer or small business owner: The ...

   www.aol.com/heads-freelancer-small-business...

   Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income ...

4. Tax Tips: Is it a hobby or a business? - AOL

   www.aol.com/news/2008-04-09-tax-tips-is-it-a...

   You've started a little enterprise in your garage or spare bedroom. And now it's tax time and you're ready to reduce your taxes by taking a whole bunch of deductions for this "business." Stop ...

5. Taxes: What To Know if You Sell on Depop, Poshmark or ... - AOL

   www.aol.com/taxes-know-sell-depop-poshmark...

   Whether it's as a hobby, a side hustle or even a full-time business, selling on online marketplaces such as Depop, Poshmark and Etsy is all the rage. Of course, all income earned is income that ...

6. Self-employment - Wikipedia

   en.wikipedia.org/wiki/Self-employment

   Tax authorities will generally view a person as self-employed if the person chooses to be recognised as such or if the person is generating income for which a tax return needs to be filed. In the real world, the critical issue for tax authorities is not whether a person is engaged in business activity (called trading even when referring to the ...

7. Taxation of illegal income in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_of_illegal_income...

   A person with income from selling a Schedule I substance is allowed to take a tax deduction for the cost of goods sold but not any other tax deductions. [19] [21] Unlike for other business activities, tax deductions are not allowed for ordinary and necessary business expenses such as rent, utilities, and advertising. [22]

8. Navigating the fine line between business and hobby - AOL

   www.aol.com/news/navigating-fine-line-between...

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   Discover the latest breaking news in the U.S. and around the world — politics, weather, entertainment, lifestyle, finance, sports and much more.