{"id":1936,"date":"2014-08-15T14:03:36","date_gmt":"2014-08-15T19:03:36","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=1936"},"modified":"2014-08-15T14:03:36","modified_gmt":"2014-08-15T19:03:36","slug":"tax-tips-for-hobbies","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=1936","title":{"rendered":"Tax Tips for Hobbies"},"content":{"rendered":"<p><a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2014\/08\/hobby-2.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1938 size-full\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2014\/08\/hobby-2.gif\" alt=\"hobby 2\" width=\"170\" height=\"192\" \/><\/a><\/p>\n<p>Many people think that income earned from a hobby does not need to be reported on your tax return. Here are four tax tips you should know about hobbies:<\/p>\n<p>1. Determine if your hobby is a hobby or business. IRS publication 535 sets forth nine factors to help you determine whether your activity is a hobby or a business.<\/p>\n<p>2. Hobby deductions. You can usually deduct ordinary and necessary hobby expenses as long as it is necessary and common for the activity.<\/p>\n<p>3. Limits on hobby expenses. Generally you can only deduct your hobby expenses up to the amount of your hobby income. You cannot deduct a loss from your other income.<\/p>\n<p>4. How to deduct hobby expenses. You must itemize deductions on your tax return in order to deduct your hobby expenses.<\/p>\n<p>To contact our office, call 816-524-4949 or visit our website at www.Hoorfarlaw.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many people think that income earned from a hobby does not need to be reported on your tax return. Here are four tax tips you should know about hobbies: 1. Determine if your hobby is a hobby or business. IRS &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=1936\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[296,537,229,146,16,348,220,17],"class_list":["post-1936","post","type-post","status-publish","format-standard","hentry","category-general","tag-camron-hoorfar","tag-hooby","tag-hoorfar-law","tag-internal-revenue-service","tag-irs","tag-law-office-of-camron-hoorfar","tag-tax-deduction","tag-tax-return"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1936"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1936\/revisions"}],"predecessor-version":[{"id":1939,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1936\/revisions\/1939"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}