Tax lawyer Rob Wood discusses his Forbes article "Ten tips on deducting your hobby"

Robert Wood

(Forbes) Will the IRS pay for your hobby? The short answer is: No. But the more nuanced answer is: "Yes, Uncle Sam will sometimes subsidize your hobby." If, that is, you make it into enough of a real business.

If you want to avoid any IRS hassles, my standard advice is to keep business and personal pursuits purely separate.

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Scott Drake talks with tax law expert Rob Wood.


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